Indian Bitcoin Fraud on Name of Binance,4 Caught

Indian Bitcoin Fraud on Name of Binance,4 Caught

The Haryana Police have arrested 4 persons in Chandigarh city of India for cryptocurrency fraud. The four humbugs caught have used the name of Binance, one of the most renowned exchanges with its base in China. The fraud includes Bitcoin(BTC) and other related online transactions.

The Complaint and the Case 

The DGP of Haryana, Manoj Yadava was the one heading the whole case. Manoj Yadava states that this epic masterminded fraud was done by 4 persons. In addition, the humbugs have used the name of Binance,  the most renowned cryptocurrency exchange involving many cryptocurrencies in a multinational outlook. The swindlers carried on with the fraud, portraying huge amounts in return for their online investments upon their business involving Bitcoin.

The DGP remarks that this epic masterminded fraud came to the limelight upon a complaint filed by Parvesh, from Sonipat city. In the complaint, he noted he was cheated by Harinder Chahal of Hansi village. The complaint was registered to the cyber police branch. Immediately, the Police teamed up with the cyber police branch and started the investigation upon the complaint.

The Investigation

Upon investigation, it was found that the accused Harinder Chahal along with 3 others were involved in brimming up this scam. It all started when the Binance exchange ruthlessly commented on a tweet from a guy named John McAfee. John McAfee questioned the tweet upon the hacks of the Binance exchange. For this Binance replied by putting its official wallet address, depicting Binance is unhackable. Accordingly, the humbugs used this wallet address, copied it, and posted it privately on Facebook messenger and WhatsApp messenger to the victims. Also, the swindlers did this through the fake Facebook profile they created in the name of Vickas Kumar. 

Harinder Chahal cheated Parvesh and many others showing Binance wallet balance as his own wallet address. Consequently, he cheated Parvesh on making him invest $22,000 him promising him in return for huge returns. Moreover, Harinder showcased his wallet containing 1871 BTC but was actually Binance’s own official wallet. 

Furthermore, through the investigation, it’s found Harinder Chahal, aka Sonu Chahal actually had many crypto wallets registered in his name on many exchanges. The hysterical part was when it was found none of his wallets actually contained any sorts of cryptocurrencies. But, the wallets had fake Bitcoins which were all actually for learning trading initially for the beginners. He and his team have used these too to dupe and lure the victims. 

However, all 4 were arrested instantly. This case has quite speculated a ruckus among the crypto enthusiasts in India. Despite India now making reforms to legalize cryptocurrency and Bitcoin, such a fraud scam has spiked upon to make the regulations even more cautious. 

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.