11 arrested in Rs 40 crore crypto investment fraud in Nagpur

An official said that the main accused, Nishid Wasnik, used to flaunt his luxurious lifestyle to get people to invest in a firm that he claimed was dealing in "ether" cryptocurrency.

NewsBharati 21-Feb-2022 13:31:21 PM

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Nagpur, February 21: Eleven people were arrested in a Rs 40 crore cryptocurrency fraud in Nagpur, in which over 2,000 investors were duped. This happened a day after the main accused, his wife and two associates were held from Lonavala in Pune, said the police.

An official said that the main accused, Nishid Wasnik, used to flaunt his luxurious lifestyle to get people to invest in a firm that he claimed was dealing in 'ether' cryptocurrency.

We have busted a Rs. 40 crore crypto fraud💰-@nagpurcp pic.twitter.com/4O8y3mgyx2
— Nagpur City Police (@NagpurPolice) February 20, 2022

The official said, "He manipulated the website of the firm to show a steady rise in the value of investments, while transferring money into his accounts fraudulently between 2017 and 2021. He had even organised a seminar on cryptocurrency investment in Panchmarhi in Madhya Pradesh."

An official also said, "We have seized a pistol, seven live cartridges, four luxury cars worth Rs one crore, Rs 18,91,210 cash, eight cellphones and a laptop. They were held from Pangoli near Lonavala in Pune. Nishid, Sandesh and Gajanan are also accused of gunning down a person in Washim after abducting him from Nagpur last year."

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Wasnik went into hiding in March last year, leaving the investors in the lurch, before being arrested from Pune district on Saturday.

All 11, including the 7 arrested on Sunday, were charged under IPC, Maharashtra Protection of Interest of Depositors Act and Information Technology Act provisions by Yashodhara Nagar police, he said.