Crypto Scam Cloud Mining App CCH Solapur Maharashtra Deceived Rs 45 Lakhs

Pune: Thirty-one people from the city of Solapur in Maharashtra were allegedly defrauded of Rs 45 lakh after making investments through a crypto cloud mining app, police have said citing complaints.

Cloud mining is a mechanism for mining a cryptocurrency, such as Bitcoin, using rented cloud computing power and without having to directly install and run associated hardware and software.

“Investors were asked to download the CCH Cloud Miner app and the crypto trading app. They were asked to convert their Indian currency to dollars using the crypto trading app and were required to invest in the CCH Cloud Miner app,” a police official said. tuesday.

So far, 31 people have contacted the police to complain of cheating, he said, adding that some of the investors initially received feedback.

“We have registered a case against three people who tricked people into downloading the app and investing money under the guise of offering high returns,” police inspector Udaysinh Patil said.

The trio work in the jewelry business in Solapur, he said.

One of the plaintiffs, Ram Jadhav, claimed that he invested Rs 4.28 lakh. He said the app was now outdated and the trio’s office was closed.

The Reserve Bank of India has repeatedly highlighted the problem of digital assets.

(This report was published as part of the auto-generated syndicate newsfeed. Other than the title, no edits were made to the copy by ABP Live.)

Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any loss arising from such transactions. Cryptocurrency is not legal tender and is subject to market risk. Readers are advised to seek expert advice and carefully read the offering document(s) and related material material on the subject matter before making any type of investment. Cryptocurrency market forecasts are speculative and any investment made will be at the sole cost and risk of the readers.

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