The alleged mastermind behind a significant cryptocurrency fraud, Prashant Brahmbhatt, has been taken into police custody in Pune, in accordance with report. The 34-year-old was arrested in Goa final month and is accused of duping traders out of roughly Rs 1 crore by his firm Bitsolives.
Brahmbhatt and Bitsolives ran a multi-level advertising scheme involving a cryptocurrency referred to as Buxcoin. Quite a few seminars have been held throughout India to draw potential traders with guarantees of extraordinarily excessive returns on their investments. Nonetheless, after accepting giant sums of cash, the corporate stopped operations with out offering any payouts to traders.
The Cyber Crime Cell of the Pune Metropolis Police is at the moment investigating no less than 10 instances of dishonest associated to Bitsolives and Buxcoin. The primary FIR was registered in November 2021. Investigations revealed the agency was working out of Dubai, although seminars have been held throughout India. One man, Ganesh Sagar, was arrested in Delhi in February 2022 in reference to the case.
Now, after touchdown in Goa from Dubai final month, Brahmbhatt has been taken into custody as nicely. A court docket has remanded him to police custody till December 9. In whole, Bitsolives and its administrators face 33 instances throughout India associated to cryptocurrency fraud. The Pune Police investigation goals to unravel this main rip-off that price traders dearly.
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