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Made-in-India cryptocoins? Avoid all of them!

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prasad1

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The frenzied rise of cryptocurrencies (seven of them delivered 1000% returns in 2017) is being cashed in on by a few "Made-in-India" fraudsters, a report warns.

Ananya Bhardwaj in her story in The Print highlighted that investigations of eight complaints received by the Delhi Police's crime branch revealed crores of rupees had been defrauded in this manner. The scamsters were perpetuating these frauds via websites run from Delhi, Sonipat, Bengaluru, Pune and Mumbai.

Taken in by the lucrative returns being promised, one Delhi businessman, according to The Print reporter, ended up investing Rs 25 lakh before realising he had been scammed.

Desi crypto coin/wannabe crypto coin platforms flagged off as dubious by the police, according to the report, included Laxmi Coin, BullCoin, LiteCoin Classic and Kashh Coin. "Investigators said that all these sellers have a similar modus operandi. They first invite famous personalities to seminars held in five star hotels to attract investors. They explain their scheme and assure them good returns for their investors. Once a person gets ready to invest, they trap them into their multi-level marketing strategy," the website wrote.


Read more at: http://www.sify.com/finance/made-in...d-all-of-them-news-finance-sbln3mhdighhi.html
 
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