BitBank App Cryptocurrency Fraud Exposed in India

Cryptocurrency trading is becoming popular among investors and traders, so trading apps are also gaining popularity. As a result, the number of frauds is also increasing. The latest crypto fraud is recently busted in India.

Latest Crypto Fraud in india

The investigation began after a complaint was filed regarding a cryptocurrency fraud of ₹3.175 million. According to officials, the victim was initially contacted through Facebook and later approached on WhatsApp by someone claiming to be a representative of BitBank.

This individual persuaded the victim to install a fraudulent trading app and invest in supposedly high-yield cryptocurrency and IPO schemes. These scams mirror several bitcoin frauds reported recently, especially in metropolitan cities.

The victim was misled into transferring significant amounts of money into various bank accounts under the false promise of receiving share allocations. One suspect, Nitin Sharma (42), a resident of Ludhiana, Punjab, was arrested.

Cryptocurrency Fraud Investigation

The cryptocurrency fraud investigation has revealed a sophisticated racket that was scamming individuals by promoting a fake cryptocurrency trading platform. One of the accused, Nitin Sharma, allegedly deceived a businessman and convinced him to invest ₹31.75 lakh in the fraudulent BitBank app. The Crime Branch confiscated mobile devices containing incriminating WhatsApp chats, transaction records, and digital evidence linking him to the wider fraud network.

This incident is one of the latest crypto frauds in India and further adds to the alarming number of bitcoin and Cryptocurrency frauds in India are becoming more organized and widespread.

Join WikiFX Community

Stay alert and informed with WikiFX- your one-stop destination for everything related to the Forex market. Whether you're looking for the latest market updates, scam alerts, or reliable information about brokers. Join the WikiFX Community today by scanning the QR code at the bottom and stay one step ahead in the world of Forex trading.

Steps to Join

1. Scan the QR code below

2. Download the WikiFX Pro app

3. After installing, tap the Scan icon at the top right corner

4. Scan the code again to complete the process

5. You have joined!