Indian investors allegedly duped in crypto cloud mining scam

About thirty investors in India have been allegedly duped of US$54,653 through a crypto cloud mining app, local media reported.  

See related article: India financial crime unit cites ‘Chinese-controlled entities’ in alleged crypto fraud

Fast facts

• Investors from Solapur city in India’s Maharashtra state were allegedly duped by fraudsters who lured them to download the CCH Cloud Miner app and put in money for hefty returns, the report said, citing an unidentified police official.  

• Cloud mining is the process of mining a cryptocurrency using cloud computing on rent, without the need to install the hardware and related software. 

• Last month, Indian police in the state of Maharashtra arrested a man for cheating 1,441 investors in a cryptocurrency scam of US$31 million.

• India’s financial crime fighting agency froze at least US$1.5 million in cryptocurrencies last month as part of a money laundering investigation against mobile gaming application E-nuggets. 

• India is also investigating more than 10 cryptocurrency exchanges in the country for allegedly laundering more than US$125 million. 

See related article: India questions Binance-backed WazirX on foreign exchange violations

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