Recently reported by the state’s reputed news channel, police in a state of India, Kerala, have arrested 11 accused in the kidnapping of a man who allegedly involved in a crypto scam scheme.
As per our conversation with the person who speaks and understands Malayalam (മലയാളം), language spoken in the Indian state of Kerala, it has been revealed that a young man, named “Mohammed Nawaz (aged 38)†convinced people of the state for crypto scam investment.
However, it appeared as the bitcoin-related fraud and victims have lost their money, Rs. 1.5 crore (approximately - USD 200320.50). They then instructed goons to kidnap Nawaz. As per the report, police arrested 11 kidnappers and Nawaz agreed to sell his assets and return funds to victims who invested in the crypto scam scheme. The report specifically states that fraud is related to “Bitcoin Network investmentâ€.
Image Credit - @JomuSojan
Kerala is a state of India with the highest proportion of literate persons in the population. In early Jan this year, Kerala has reportedly revealed its plan to train 20,000 blockchain professionals.
Given the popularity of cryptocurrency and rising interest, crypto scams are happening across the world. Very recently, Nigerian duo who appeared to be Instagram influencers with thousands of followers got arrested following the cybercrime. They stole funds and converted in Bitcoin which according to the FBI cannot be recovered as the Bitcoin Blockchain Network is too sophisticated.