Balangir: In a major crackdown, Balangir police have busted a cryptocurrency racket and arrested seven persons in connection, including the prime suspect Prasant Meher. Police have seized a luxury car and crucial documents.
According to the police, the other accused persons have been identified as Dushmanta Meher, Hemant Meher, Amiya Pradhan, Kumar Pradhan, Kishore Deep, and Subrat Ojha. They were allegedly involved in illicit cryptocurrency transactions. Mastermind Prasant Meher has been accused of deceiving people with promises of Thailand and Dubai tours through various apps and websites.
The gang had ambitious plans to launch 100 crore cryptocurrencies, with 1.5 percent already in circulation, garnering approximately Rs 12-15 crore from unsuspecting investors. To conceal their activities, they established the ‘Pegmatite Sustainable Solutions Private Limited,’ a multi-level marketing company, police said.
The accused and their associates employed persuasive tactics, forming a chain network to lure investors with promises of extravagant returns on their coins. The scheme enticed large investors with incentives like free trips to Thailand and Goa for substantial investments in their fraudulent cryptocurrency, police added.
