4 People Held for Swindling Money Worth Rs 100 Crore ‘Crypto-Currency’ In Kerala's Kannur.

Four people have been arrested on Monday for swindling money involving cryptocurrency worth over Rs 100 crore. Cryptocurrency is the digital form of money and in today’s world, it is one of the most talked-about especially Bitcoin.

Kannur police have arrested Mohammad Riaz, a resident of Alampadi, C Shafeek, a resident of Manjeri, Wasim Munawwarli, a resident of Eranjikal, and Mohammad Shafiq, a resident of Wandoor after a Kannur native person lodged a complaint alleging that the gang cheated a significant amount of money from him.

 

They all were operating from a Bengaluru-based firm Long Rich Technology to scam investors. The police said approximately Rs 40 crore was found transacted through the account of one of the arrested and Rs 32 crore through the account of another.

 

According to media reports, the arrested, after carrying out the transactions with their clients, allegedly transferred the remaining funds into the account of Nishad

 

The crime branch wing of the Kerala police, which is investigating a similar case in Malappuram district, had recently frozen Nishad's bank account with Rs 34 crore, police said.

 

Nishad was earlier arrested by police in Malappuram in connection with the money laundering but he went absconding soon after getting bail, the police said. He is said to be in the Middle East, a senior police officer told PTI. So far, only one complaint has been received from the Kannur district, the police added. 

Writer - Sahil Madaan

Please feel free to ask anything. We are happy to answer all your questions.