Cryptocurrency Racket Busted, 7 Arrested In Odisha’s Balangir

Balangir: A cryptocurrency racket was busted by the police in Odisha’s Balangir district with the arrest of seven members of a gang, including the prime accused.

A luxury car and several other important documents were also seized from the possession of the accused, sources said.

Apart from prime accused Prasant Meher, other arrested members of the gang have been identified as Dushmanta Meher, Hemant Meher of Balangir, Amiya Pradhan of Balangir, Kumar Pradhan of Balangir, Kishore Deep and Subrat Ojha.

According to reports, the gang members were involved in cryptocurrency transactions. Meher was allegedly luring people by promising Thailand and Dubai tours. They were cheating people through various apps and websites.

The accused persons had planned to launch 100 crore cryptocurrencies and had brought 1.5 per cent of those currencies into circulation in the market. They had collected approximately Rs Rs 12-15 crore from different investors through those currencies. They had also launched a multi-level marketing company named ‘Pegmatite Sustainable Solutions Private Limited’ to cover their transactions, a senior police official said.

The accused persons and their associates persuaded others as investors and formed a chain network by assuring them of exorbitant returns through their coins. They lured large investors through their existing investors to invest in this fake Crypto Currency by incentivizing them through various offers like free Thailand trips, Goa trips etc. on investing large sums in their coins.