ICO News

Another cryptocurrency scam surfaces in city; one arrested – Times of India


Surat: Police have unravelled yet another cryptocurrency scam worth Rs14.55 crore on Sunday, while carrying out investigations in a similar racket that came to light earlier in the city. Chetan Vaghela, who was cheated along with 1,885 investors by promoters of Eros Coin, had approached CID crime branch on Sunday, consequent upon the arrest of Harik Zadaphiya, Kalpesh Valji Lakhani and Rakesh Savani in the Rs1.6 crore BSS cryptocurrency scam. The trio, presently lodged in Lajpore Central Jail after their arrest in BSS cryptocurrency scam, happens to be promoters of Eros Coin cryptocurrency too. Police arrested Harik Zadaphiya in connection with Eros Coin case and produced him in court which remanded him in police custody for two days here on Monday. Incidentally, Eros Coin cryptocurrency scam is seventh to be exposed in the past some months in the city.
Police officials said the trio had launched a website to promote Eros Coin from their Nestcode Infotech office. They offered 45 per cent bonus in initial coin offering (ICO) to attract investors. They had brought out Eros Coins worth Rs24 crore, but could sell only half of them. Police officials said after going through the documents of the investors, they can say that the scam was worth several more crores.
Police officials said they would be shortly arresting Rakesh Savani too in Eros Coin cryptocurrency scam because he had played a very significant role in luring investors from their Varachha office.



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