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Jersey Resident reports losses worth $1.5 Million in Bitcoin Scam


A cryptocurrency investor in Jersey has been duped of $1.2 million in Bitcoin. Per leading media outlet Jersey Evening Post, the Jersey resident was cheated over an 18-month period. He was assured of 15x returns on his initial investment. The fraudsters first made a fake website and then lured him into earning large returns on his investments. 

A representative at the Jersey Financial Services Commission confirmed: The victim was engaged for over an 18-month period and they were able to build trust prior to getting the victim to send the greater amounts.

The representative added: [The victim was] made to believe that the returns would be 15 times the investment amount and the criminals were using well-known UK company names to convince them. The requests for further funds were allegedly in relation to taxes and fees which were imposed in the foreign jurisdictions where the original monies were sent.

The resident never received any returns as claimed. Per the UK’s National Crime Agency, it is unlikely that the funds will be recovered. The gang responsible for the scam is based in Norway. 

In order to ensure the well-being of citizens, the Jersey Fraud Prevention Forum has recommended they remain “extra vigilant.”

In another news reported by CoinMarketFeed, The Autorité des marchés financiers (AMF) recently published a press release warning the public about Kuvera,  a firm offering training courses, and software for trading cryptocurrency and investing in forex markets. 

The stock market regulator in France has issued a warning regarding the operation of Kuvera LLC(1)/Kuvera France. As per AMF, Kuvera promotes trading on risky products and targets young people.

Last month, The Indian police arrested four more suspects involved in the crypto scam which managed to steal more than 1 billion rupees, in crypto. 

Per the report, the group launched a cryptocurrency named ‘’Cashcoin’’. The suspects duped the investors by saying that, they will double their investments. 

Suspects Ashok Goyal Jaipuria, Asif Malpani, Baljit Singh Saini and Pradeep Arora from Delhi, have been arrested from Delhi. Also, Goyal’s bank accounts have been frozen. Indian police first threw light on the scam and nabbed four suspects in February.

 However, Goyal, the mastermind is the latest catch. The suspects were arrested after an individual filed a complaint in Surat, a city in the state of Gujarat. The individual was cheated of nearly $150,000

In January, Indian police nabbed an associate of a separate group. The accused was involved in carrying out a crypto scam involving a staggering 5 billion rupees.