Pune Police Arrest Alleged Mastermind of Cryptocurrency Fraud
The Pune City police have made a significant breakthrough in a cryptocurrency multi-level marketing fraud case by apprehending the alleged mastermind, Prashant Brahmbhatt. Brahmbhatt, who had been on the run, was arrested by the Gujarat police in Goa after arriving from Dubai. A Look Out Circular had been issued against him earlier. The arrest of Brahmbhatt marks a crucial development in the investigation into this fraudulent scheme.
Cyber Crime Cell Investigates Cheating Cases in Pune Worth Rs 1 Crore
The Cyber Crime Cell of the Pune City police is currently delving into at least 10 instances of cheating connected to a cryptocurrency fraud. Reports suggest that Pune residents have collectively lost a staggering sum of Rs 1 crore in these scams. The victims were lured into investing in ‘Buxcoin’ cryptocurrency through the company Bitsolives, which promised high returns. The investigation by the Cyber Crime Cell aims to bring justice to those who have been duped and recover the stolen funds.
Company Promised High Returns on Buxcoin Investment, Conducted Seminars Across India
The company, Bitsolives, and its directors find themselves embroiled in legal troubles as they face at least 33 cases across India. The alleged fraudsters organized multiple seminars across the country to attract potential investors. These seminars showcased the prospect of investing in Buxcoin, which promised exceptionally high returns. However, the company’s operations abruptly ceased, leaving investors empty-handed. The promises made during these seminars now appear to be part of an elaborate ploy to deceive unsuspecting individuals.
Pune Police Arrests Accomplice in Delhi, Mastermind in Goa
The Pune police have been actively pursuing individuals involved in the cryptocurrency fraud case. In a separate but related development, the police arrested Ganesh Sagar from Delhi’s Dwarka area on February 28 last year. Sagar is believed to be an accomplice in the fraud and is now facing charges. Meanwhile, the alleged mastermind, Prashant Brahmbhatt, was apprehended by the Gujarat police in Goa last month. His arrest has been a significant breakthrough in the investigation, providing crucial leads and insights into the fraudulent activities.
Cryptocurrency Fraud: Pune Police Investigate Dubai-based Company, Secure Custody of Alleged Mastermind
Further investigations have revealed that the fraudulent cryptocurrency scheme operated from Dubai. The Pune police have now turned their attention to the company behind the fraud, which is believed to be based in Dubai. The investigators are coordinating with international law enforcement agencies to gather evidence against the company and its directors. Meanwhile, they have successfully secured custody of Prashant Brahmbhatt, the alleged mastermind, until December 9. This custodial arrangement will allow the police to interrogate Brahmbhatt and gather additional information about the individuals and entities involved in the scam.
The Pune City police’s efforts in apprehending the alleged mastermind and pursuing other individuals connected to the cryptocurrency fraud represent a significant step towards combating such fraudulent schemes. The investigation serves as a reminder to all potential investors to exercise caution and thoroughly research any investment opportunity before parting with their hard-earned money. The authorities are committed to bringing justice to the victims of this fraud and dismantling the network responsible for deceiving innocent individuals.
Analyst comment
Positive news: The Pune City police have made a significant breakthrough in a cryptocurrency fraud case, arresting the alleged mastermind and pursuing other individuals involved. Market analysis: The arrest and investigation demonstrate the authorities’ commitment to combating fraudulent schemes, which may enhance investor confidence in the cryptocurrency market and lead to increased caution and research before investment.
