India has been a breeding ground for crypto-related scams with multiple large-scale events unfolding this year. Now, EB3coins seems to be the next on the list.
The Economic Offences Wing (EOW) of the Navi Mumbai police has charged two people, Vikas Uppal and Gazal Ghosh for supposedly deceiving investors across the country. The scale of the fraud is still not clear, however, police expects more than a 1,000 people in just 3 cities to have invested anywhere between Rs 10,000 to Rs 10 lakh.
Officials began to become skeptical after listening to the occurrence of one of the platform’s victims, A Raghav. Raghav attended a seminar held by Uppal and Ghosh in May of last year and later had a meeting with them.
“I transferred Rs 3.5 lakh to the firm via netbanking following which Uppal instructed me to sign up on their website. I was asked to wait for a while for the coins to get deposited in my account and soon see the money growing. However, it never happened despite me waiting for close to a year. When the website went down in March this year, I tried contacting Uppal but in vain.”
The complainant said he was enticed into investing in the scheme after he attended a seminar organized by the Uppal and Ghosh in a three-star hotel in Kharghar, Mumbai, on May 17, 2017. “While Uppal claimed that he is representative of ‘Vpaybits’, Ghosh assumed the role of a cryptocurrency expert,” said an EOW officer.
This gives government of India to be even more harsher amidst a reviewed hearing on banking ban on cryptos. The hostile regulatory environment has driven their top exchanges like Zebpay out of the country. Even crypto ATM founders of Unocoin were arrested last month.