The Indian police has arrested people suspected of swindling 400 million rupees (about $5.34 million), the Times of India has reported.
According to the publication, during the raid, law enforcement officials have arrested four people in the city of Lanovala and seized about 600 g of gold, cars worth more than $134,000, firearms and other items.
A day later, in Nagpur, the police arrested seven more suspected to be involved in the fraudulent scheme.
The police has reported the attackers urged potential investors to buy Ethereum on the ZebPay platform and then send the crypto to the Ether Trade Asia website. By manipulating the data, they showed investors the imaginary profitability of the project and spent the raised funds on themselves.
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The police has identified more than 170 investors who have lost more than $500,000. However, the project's website and blockchain data led to several more "dubious transactions" in digital currencies worth 400 million rupees.
The participants in the scheme may have also killed one of the accomplices for refusing to disclose "passwords for important transactions."