The Surat police busted an ICO scam and booked five people linked to the purported crime. According to reports, Bitstrades founder Hardik Zadafiya is already under arrest while the other four accused are on the run. According to current estimates, the scam project managed to dupe people of ₹ 1.64
Early investigations have revealed that Bitstrades launched their own cryptocurrency after registering their company in the United Kingdom in 2017. The five accused even took 190 investors on tours to Bangkok and Singapore to gain their trust and lure them into the business by putting up an impressive front. Right from an official website to prominent advertisements on websites such as CoinMarketCap , the company had set up an elaborate criminal plan to scam people out of their hard earned money.
In the absence of a proper regulatory framework, criminal minds like these continue to fleece investors of their funds. We appeal to the government to expedite regulations so that we can put an end to such crimes. In addition, it is also important for sites like CoinMarketCap and other media sites to exercise due diligence before giving projects real estate on their platforms.