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The city police said that Kiran Kharat and his wife, Dipti Kharat, got people to invest in “GDC” by promising good yields, but those people lost much money instead.

A Fresh Crypto Scam

Authorities in the Jalna district of Maharashtra said they had found a major crypto scam in which investors lost 300 crores. Someone went to the police on Tuesday to complain about Kiran Kharat and his wife, Dipti Kharat, according to the authorities.

In the complaint, the person said that the two had tried to get him to invest in a cryptocurrency called GDC by promising him very high returns. But it turned out that the promise of a good return was a lie, and the investor lost a lot of money instead.

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The police knew something was wrong and thought that more people had fallen for the scam, so they made a public notification asking people who had lost money in the scheme facilitated by the couple to reveal themselves. After the notice, the police said that around 101 people came to them with complaints on the same day, claiming losses amounting to 300 crores.

The case has been handed over to the Economic Offenses Wing (EOW), which says it will freeze the Kharats’ bank accounts. The government says the scam could involve around 10,000 investors, with losses amounting to 700 crores.

India Sees A Rise In Crypto Scams

Scams involving cryptocurrency are too common in India, and this new event is the latest example. Khandeshwar police just last week uncovered a cryptocurrency scam that cost 30 crores.

The accused allegedly used a series of seminars held at various places to spread the word about a scheme involving a business named Coin Zx. Shaktikanta Das, governor of India’s Reserve Bank (RBI), has advocated for a total ban on cryptocurrencies multiple times, likening them to gambling.

However, India’s crypto space continues to thrive, with a study showing that 11.5% of Indians are crypto holders.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.