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Family of 19 Defrauds Brothers of ₹1 Crore in Cryptocurrency Scam

Key Points:

  • A family of 19 defrauded two brothers of over ₹1 crore in a cryptocurrency scam.
  • The brothers were promised returns of 12x on their investments but were threatened when they sought repayment.
  • The primary accused include Sabir Yakub Ghachi, Shakir Yakub Ghachi, and Ruhiha Shakir Ghachi.
  • India ranks among the top nations with cryptocurrency-related complaints, according to an FBI study.

Family Swindles Brothers of ₹1 Crore in Crypto Scam

In a shocking cryptocurrency fraud case, 19 family members swindled two brothers of more than ₹1 crore by promising massive returns on their investments. According to reports from October 4, 2024, the brothers were deceived into investing ₹90 lakh ($109,000) and ₹25 lakh ($30,600) between March and October 2024. The scammers lured them in with promises of multiplying their investment by 12 times. When the victims demanded their returns, the fraudsters allegedly threatened them, claiming to have connections with influential figures.

The main culprits in the scam, identified by police as Sabir Yakub Ghachi, Shakir Yakub Ghachi, and Ruhiha Shakir Ghachi, were named among others involved. This case further highlights India’s ongoing issues with cryptocurrency-related frauds. The FBI recently reported that India ranks among the top five countries with the highest number of crypto-related complaints.

India’s Rising Crypto Crime and Enforcement Efforts

India’s cryptocurrency market has seen rapid growth despite increasing regulatory scrutiny, but with this growth comes a rise in scams. Binance, a leading global exchange, has assisted Indian authorities in investigating and dismantling fraudulent crypto schemes. In a related case, India’s enforcement agencies received data from Binance’s Financial Intelligence Unit, linking the Fiewin app to a gaming scam worth $47.6 million.

Authorities have been ramping up enforcement efforts, with the Himachal Pradesh police successfully arresting Milan Garg, a suspect in a large-scale crypto fraud case earlier in 2024. Garg fled to Dubai after the scam was exposed but was detained at Kolkata airport when he returned to India. The website connected to the scam had around 2.5 lakh unique user IDs.

Crypto Market Updates

The cryptocurrency market saw a slight increase in market capitalization by 1.13%, reaching $2.13 trillion, although overall sentiment remained cautious due to geopolitical tensions. Bitcoin (BTC) gained 1.13%, trading at $61,521, but has dropped 3.21% over the past week. The FTT token surged over 27% amid reports of FTX’s repayment plan, becoming one of the biggest gainers, while Ethereum (ETH) fell 10.54%, trading below $2500 at $2378.

This latest scam is another reminder of the risks associated with the rapidly growing crypto market in India, as fraudsters exploit the lack of regulation and awareness among new investors.

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