Jamnagar cyber-crime sleuths busted a racket that was creating a fake cryptocurrency and selling it at half price to people seeking good returns, and they also arrested three people, as per the local report.
The three people, Vijay Kanjaniya (22), Vanraj Gohil (40), and Vipul Rojashra (27), created the fake Tether (USDT), one of the stablecoins that is well-known among cryptocurrency traders for its lower volatility. The fake USDT’s features were similar to the original, for common person it is difficult to find the difference.
With the videos on YouTube, they learned to make fake crypto, and after that, they created Facebook profiles and scammed people. To connect to people over WhatsApp, they use an international virtual number.
A Jamnagar-based businessman who has lost $6,000 to this gang has filed a complaint, and cybercrime police have started an investigation. This is when the racket was revealed. After being convinced by the promise of getting USDT at prices lower than those offered on the cryptocurrency exchange and doubling his investment, the businessman connected with the defendant, who made him a wallet.
The purchased cryptocurrency disappeared from the wallet after 90 to 120 days. The businessman is aware of Binance, a global cryptocurrency exchange where more than 350 cryptocurrencies are trading. He looked at the price of the same currency, which was $12,000, but he wanted to sell his stablecoins for $14,000.
The businessman got in touch with the accused, but they told him that there was a systemic error and that money would be transferred to his wallet later. However, they blocked his number afterwards.
Police scanned their laptops and cell phones, which revealed the entire fraud. This gang also duped two more people, one from Jamnagar and another from Rajkot. The police will take down the statements, gather more proof, and confirm their criminal histories.
Also Read: Rajkot Police Arrests Three Men Accused Of ₹3.50 Crore Crypto Scam
