The Police of Hyderabad in India has arrested five fraudsters involved in a Cryptocurrency scam, where over 1,200 investors had invested around ₹10 crore.
According to reports, 10 FIRs were registered in the name of the prime accused, G Ramesh, founder of Coinx Trading.
Police seized four land documents, two cars, nine mobiles, and other properties totalling ₹1.8 crore bought with the money.
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
Cryptocurrencies are a kind of Digital Currency, virtual currency or alternative currency. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems.
