Indian Police Investigate Cryptocurrency Fraud Targeting Ex-Servicemen

Three former servicemen in India have lodged a complaint with the Chandannagar police, Pune, accusing eight officials from a trading firm of defrauding them of over Rs. 79.81 lakh (approximately $96,000) through a cryptocurrency scam since 2022. The ex-servicemen had invested their retirement savings in cryptocurrency, lured by promises of doubling their investment within 20 months and receiving 10% monthly returns. The firm’s director and an ex-serviceman involved were previously arrested in a similar case and are in custody at Yerawada Jail. Police are awaiting court approval to question them further. The trading firm hosted seminars on digital currency in Lonavla and Wagholi, Maharashtra, earlier this year, which convinced many to invest. After failing to receive the promised returns, three investors realized they had been scammed and filed a police complaint.