Ponzi schemes are a seemingly lucrative affair to thug people as they promise incredible returns in the shortest possible time. After getting bail from the Bombay High Court, one of the main accused in the infamous GainBitcoin crypto scam (yes, another Ponzi scheme) told Inc42, “Showing huge returns and lavish parties in the Maldives… it was the most attractive tool that people fell for! I did, too.”
In the latest incident, the City Crime Branch (CCB) of Bengaluru Police arrested Chikmagalur resident Ranganath DS for allegedly running a Ponzi scheme under the fake company name DIGITECH MARK and cheating more than 2,000 people. A case has been registered with the cybercrime cell, and further investigation is underway. Ranganath has been booked under various sections of the IT Act, IPC and Prize Chits and Money Circulation Schemes (Banning) Act.
Since Bitconnect and GainBitcoin, these Ponzi schemes have thrived on the huge and hassle-free…