30 individuals in Solapur lose money on a crypto cloud mining service

Police said that a case would be filed against three individuals who enticed others to download the software and deposit money under the guise of giving high returns.

More than thirty persons from the Maharashtra city of Solapur were reportedly scammed of 45 lakh after investing in a cryptocurrency cloud mining program, police said Tuesday during citing complaints.

A police official said that the trio operates a jewellery store in Solapur. He said that 30 persons had gone to the authorities with allegations of cheating.

“Investors were instructed to download the CCH Cloud Miner and crypto trading applications. They were required to transfer their Indian rupees into U.S. dollars through the cryptocurrency trading application and invest in the CCH Cloud Mining application “the officer said. He said that some investors originally got returns.

Cloud mining is a method for mining a cryptocurrency, such as bitcoin, utilizing leased cloud computing power without installing and physically running the necessary gear and software.

Ram Jadhav, one of the complainants, claimed to have spent 4.28 lakh. He said that the mentioned software is now dead and that the trio’s office has closed.

“We are in the process of filing a complaint against the three individuals under pertinent parts of the Indian Penal Code, and an investigation is now underway,” said police inspector Udaysinh Patil. The Reserve Bank has repeatedly emphasized the issue of digital assets.

Also Read: Blockchain.Com To Become The Second Crypto Startup To Gain A Licence From Singapore This Week 

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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