Indian police have arrested five men involved in the Coinx Trading cryptocurrency multi-level marketing (MPM) scheme that defrauded over 1200 investors of around $1.43 million.
According to a report from the Indian news outlet Inc24, the police in Hyderabad raided the premises of a Secunderabad-based real estate firm, GRM Estates, and arrested five people, including the alleged mastermind of the scheme, Gardas Ramesh. The police also confiscated cars, mobile phones, computers, the deeds to real estate the fraudsters had bought with the proceeds from the Ponzi scheme, and other equipment.
The police report, quoted by Inc24, notes that, “The main accused, Gardas Ramesh, hatched a plan to gain illegal eas...
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