• Wed. May 25th, 2022

Report Indian Police Log Crypto Fraud Case Against Couple and Associates

ByHazel R. Lang

Mar 27, 2022

Lack of knowledge among ordinary investors about cryptocurrencies and how to invest in them safely is leading to an increasing number of frauds. In a recent example, the Crime Investigation Department (CID) of the Ahmedabad Police in India’s Gujarat province recorded a case where the victim was tricked out of Indian Rupees (Rs.) 22 lakh (about $27,000).

Case Details

According to the First Information Report (FIR) filed with the police, Harshad Patel was introduced by his friend and business partner Kamlesh Patel to a couple to help them invest in bitcoin in 2017.

The couple, Alpesh Suhagia and his wife Bharti Suhagia tried to convince Harshad to invest in BTC, saying that its price jumped to Rs. 70,000 in 2017 from Rs. 10 in 2009. This prompted Harshad to give Rs 15 lakh (about $19,000) to the Suhagia couple to invest in bitcoin on his behalf.

Harshad was informed that this bitcoin wallet would take some time to prepare. Meanwhile, the Suhagia couple introduced Harshad to Prashant Brahmbhatt, who convinced him to transfer his investments to a crypto investment plan called Senar Wallet.

After Harshad transferred the money to Senar Wallet, he received Rs 1.24 lakh (approximately $1,700) in return on his investments between July and August 2017. However, he no longer got any return on his assets or the principal amount despite repeated requests. , leading him to file a complaint with the police in March 2022.

More such cases

This follows a similar fraud case in which police in Ahmedabad arrested four people last month. The accused ran a multi-level marketing program through his company Bulltron, which was supposed to invest in Tron (TRX).

CryptoPotato reported another interesting example recently. A former Indian Police Service (IPS) officer who had voluntarily retired and started offering private investigation services in crypto fraud cases has been arrested along with a technical expert for stealing digital coins during the investigation of a case registered in 2018.

Addressing the issue of hype and overstatement of advertisements from digital asset companies, India’s advertising industry regulator – Advertising Standards Council of India (ASCI) – has issued a separate advertising guideline for the crypto sector.

It has made it mandatory to carry a disclaimer for all cryptocurrency, digital exchange and NFT advertisements. The disclaimer read, “Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any loss resulting from such transactions.


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