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Indian Governments Seized $1.6 Million Worth of Bitcoin From the Creator of a Fraudulent App

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The crime investigation department of the Indian police accused the criminal of converting money (that he had fraudulently gotten from his victim) into cryptocurrency so that the money will be untraceable.

The fraudulent game app ran for two years and was used to rake in a large amount of $1.6 million. The accused, a 25-year-old man, who goes by the name Aamir Khan, converted the money to approximately 86 Bitcoins and deposited it on the Binance network.

Recently, police investigation agencies invaded several institutions in the locality of Kolkata and successfully recovered some amount of money in the local currency worth $2.2 million.

Arrested man in handcuffs

The Ponzi Scheme Gaming App
The name of the gaming app was ‘E-Nugget’. It became popular in 2020 during the coronavirus lockdown. The Ponzi scheme gaming app allows users to deposit money on it to earn enticing rewards. The app attracted many victims. He later closed down the scheme which he used to defraud people of their money. He then hid away the money on the Binance network so that it would be untraceable.

India’s financial regulatory body (in the past few months) is tightening codes and principles of operation for Fintech companies and crypto exchange companies so that they can reduce crypto scams in India.

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