Indian police have arrested five men involved in the Coinx Trading
Indian police have arrested five men involved in the multi-level marketing program of Coinx Trading, which has defrauded more than 1,200 investors for about $ 1.43 million.
According to a report by the Indian news agency, police in Hyderabad raided the headquarters of a real estate company based in Secunderabad, GRM Estates, and arrested five people, including the alleged mastermind of the plot, Gardas Ramesh. Police also confiscated cars, mobile phones, computers and real estate that the fraudsters bought with proceeds from the Ponzi scheme and other equipment.
“The main suspect, Gardas Ramesh, has drawn up a plan to get easy and illegal money, started the MLM business as Coinx Trading (Cryptocurrency / Bitcoin) and tempted the public with a promise to make them rich. Gardash encouraged them to invest money in Coinx Trading to get the highest return, which it claimed to be registered in the United States and the UK The police estimated that the scheme had stolen about $ 1.43 million over a year or more, with Ramesh, Involved in the undertakings before, being the mastermind.
Coinx Trading claims that it was established in 2013 and was preparing a 60% commission for those who brought in “new customers”. He alleged that the company was involved in the Bitcoin trade and was prepared with amazing returns on investments in Bitcoin and other coded currencies. According to the police, Ramesh, like the typical Ponzi scheme, was paying off early investors to push them in and bring them more people.
Coinx Trading offered 12 investment plans ranging from $ 100K to $ 500K, with a different daily commission, as well as some bonuses and a share of profits for larger investors.