“Tech-savvy duo’s audacious Bitcoin fraud scheme leaves Bengaluru authorities stunned.”
In a recent development in Bengaluru, three individuals, including a father-and-son duo, were arrested for luring people into investing in Bitcoins with promises of huge profits. The arrested individuals are MS Srikanta, his father Satheesha MA, and their associate Deepak. Satheesha is the director of Sri Pancha Aishwarya Multipurpose Souhardha Co-operative Limited.
The trio managed to cheat at least 1,300 people and pocketed approximately Rs 6 crore. They had set up an office called GG Online (GGO) Private Limited on Sampige Road in Malleswaram, where they attracted people with the prospect of high returns on their cryptocurrency investments.
One of the victims, Veerabhadraswamy, a businessman, filed a complaint at the cybercrime police station in the police commissioner’s office after investing Rs 10,000 in the GGO company. Initially, the accused provided him with a 15% profit on his investment.
This incident sheds light on the importance of being cautious while investing in cryptocurrency and conducting thorough research before trusting any investment scheme. Scammers often take advantage of people’s desire for quick and substantial profits, making it crucial to exercise caution and skepticism in such matters.
It is essential for individuals to be aware of the risks associated with cryptocurrency investments and to seek advice from trusted financial experts before making any investment decisions. By staying informed and vigilant, we can protect ourselves from falling victim to such fraudulent schemes.
In addition to this incident, we have recently published a few articles that may be of interest to our readers. These articles cover topics such as depositors accusing a co-operative of cheating them, the need for private investment and consumption for economic growth, and the conclusion of the World Investment Forum with a call for greater investment.
Stay tuned for more updates and informative articles on the latest news and developments.