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Jammu & Kashmir: Bitcoin firm booked for duping people

By Newsd
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Jammu & Kashmir: Bitcoin firm booked for duping people
Source: CNN

On Saturday, a case was filed against a private firm in Jammu & Kashmir for allegedly duping people. The people were asked to invest the cryptocurrency they had in the company, according to the police.

A spokesperson said that the Crime Branch received a complaint from some people that a representative from GainBitcoin had approached them and asked to invest their Bitcoins in the company. The representatives also promised a 180 per cent return in 1 and a half years.

People invested in the company but the company did not repay according to the promise.

An initial investigation revealed that the complainants as advised by the firm, GainBitcoin, opened a digital wallet account and credited the amount asked. There was a condition attached, which said that no withdrawal can take place within the six months period.

The spokesperson added that post expiry of the six month period, the company crashed the wallet accounts as well as the website just at the time when they would have to repay back.

The accused have been registered under relevant sections.

On the internet Bitcoin Giveway Scams are at their peak. Earlier, Google’s official G Suite Twitter handle got hacked asking people to participate in a “Bitcoin Giveaway”. Hackers had also created a flurry of fake accounts impersonating the CEO of SpaceX, Elon Musk, asking people to give Bitcoins in order to participate in the “biggest crypto-giveaway”.

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