Fake cryptocurrency making racket

busted by Jamnagar police

RAJKOT: A racket creating fake cryptocurrency and selling them at half price
to people eyeing handsome returns was busted by Jamnagar cyber-crime
sleuths with the arrest of three people.
The arrested trio, Vijay Kanjaniya (22), Vanraj Gohil (40) and Vipul Rojashra
(27), created fake Tether (USDT), one of the stablecoins that is popular among
crypto traders for its lesser volatility. The features of fake USDT were similar to
those of the genuine, which made it difficult for a common person to figure out
the differences.

Fake cryptocurrency making racket busted:

A racket of creating fake cryptocurrency and selling them at half prices to

people eyeing handsome returns was busted by the Jamnagar cyber-crime
sleuths with the
arrest of three people.The arrested trio, Vijay Kanjaniya (22), Vanraj Gohil (40)
and Vipul Rojashra (27), created fake Tether (USDT), one of the stablecoins
that is popular among crypto traders for its lesser volatility.
The features of fake USDT were similar to
those of the genuine. They learned to make this fake cryptocurrency by seeing
YouT videos, created a Facebook profile and lureu people. They started
interacting with him over WhatsApp using an international virtual number.The
racket came to light when the cybercrime police started an investigation into a
complaint lodged by a Jamnagar-based businessman who lost $6,000 (nearly
Rs 5 lakh) to this gang. Enticed by the offer of getting USDT at rates lesser than
those prevailing on the crypto exchanges and doubling his investment, the
businessma. contacted the accused who created a wallet for him.
However, after 90 to 120 days, the purchased cryptocurrency disappeared from
the wallet.The businessman knew about the exchange named Binance, where
more than 350 such currencies are traded globally. On checking, he saw that
the same currency was selling at $12,000. He wanted to sell his stablecoins for
$14,000. On contacting the accused, he was told there was an error in the
system and the currency would be transferred to his wallet later. Thereafte they
blocked his number.

When police scanned their laptops and mobile phones, the entire fraud was
unearthed.Two more people, one from Jamnagar and another from Rajkot, have
also been duped by the gang. Police will record their statements and collect
more evidence.
Police confirmed that all three have a criminal background.