Cryptocurrency scam: 3 held – The Hindu

CCB officials on Sunday unearthed a cryptocurrency scam through chain link and arrested the three persons running the racket.

The accused, Raghavendra, Nagaraju and Shivamurthy, floated FOMOEX, a company offering investment in cryptocurrency with huge returns on every investment made. The accused also held conferences in hotels to explain the business models and claimed to have branches in the U.S., Singapore, and China. They offered huge returns to those who could get more investors on chain link business modules. Hundreds of people had invested in the scheme. The accused had earlier floated a firm, ESPN Global Company, and duped many, a police officer said.

They have been taken into custody for further investigation.


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