Five years, 11 individuals, 2,000 investors, 40 crore INR, and crypto. Just as bizarre as it sounds, this case did take place in India. Nishid Wasnik, his wife Pragati, and two other associates, Gajanan Mungune and Sandesh Lanjewar carried out a crypto investment scheme for about five years from 2017 until 2021.
Approximately 2,000 people were allegedly duped out of $5.4 million by the bogus operation. Wasnik enticed participants into the fraud by showing a consistent increase of rigged investment. Aside from that, Wasnik’s lavish lifestyle enticed gullible investors into pouring their money into the fraudulent scheme.
This certainly did not last too long as the Nagpur police nabbed all the accused individuals. The masterminds of the crypto crime, Wasnik, his wide, and the aforementioned associates were reportedly on the run and have been on the radar of the Indian police since last year. However, the officials managed to arrest them last week. As a result of the investigation, a total of 11 members were detained.
The Indian police managed to seize four luxury cars, about $25,000 in cash along with mobile phones as well as a laptop. Additionally, Wasnik and his two associates were charged with kidnapping and gunning down a person. In light of this, the police recovered a pistol with seven live cartridges.
A Dark-Day for Crypto in India?
Crypto enthusiasts in India have been clamoring for clearer regulations governing the market. In the midst of India’s regulatory instability, this digital asset swindle was exposed. While the authorities were able to apprehend the criminals, this might be seen as a defeat for cryptocurrency in the eyes of the government.
The latest case points out the importance of DYOR [do your own research]. Not everyone is not entirely aware of the crypto industry. But the high yield that it offers can lure in any individual. Wasnik even carried out a seminar on crypto investment in the country.
The recent news could undoubtedly prove to be a point of concern for the government as they look into regulating the industry.