Surat reported 12 crypto frauds

Surat: Post-demonetisation, Surat became notorious for cryptocurrency frauds as a number of coins were launched. Investors realised that they were duped in fraud schemes and they reported the cases to police. CID crime registered nine offences against various cryptocurrency rackets and multiple arrests were made. Three other offences related to cryptocurrency frauds were registered by city police.
“In the frauds investigated by CID crime, it was found that the accused had promised huge returns within a short time of investment but failed. The investors lost money but those who were running the cryptocurrency companies created wealth,” said a CID crime official. Apart from Indian Penal Code (IPC), the accused were booked under Gujarat Protection of Interest of Depositors Act which entitled police and government to seize properties of the accused. tnn