Indore (Madhya Pradesh) [India], July 20 : Two persons have been arrested for allegedly duping people of Rs 1.35 crore in a cryptocurrency investment fraud in Madhya Pradesh's Indore, officials said on Sunday.
Additional DCP (Crime Branch) Rajesh Dandotiya said that the accused, identified as Abhishek Kumar Mahato and Anurag Kumar Jha, are co-founders of a Bengaluru-based private company.
They allegedly defrauded four individuals from Indore: Murshid Khan, Kapil Thakur, Amit Narwar, and Rahul Chauhan.
"Abhishek Kumar Mahato, founder of NOMOEX TECHNOLOGIES PVT LTD, and co-founder Anurag Kumar Jha, defrauded the victims of Rs 1.34 crore in the name of investment," Additional DCP Dandotiya said.
During the investigation, it was found that the accused lured people by promising to multiply their investments by 3 to 15 times within 6 to 12 months. However, after collecting the money, they stopped responding to the victims and failed to return the promised returns, the officer said.
A case was registered at the Indore Crime Branch police station under Sections 318(4), 316(5), and 3(5) of the Bharatiya Nyaya Sanhita (BNS), he added.
Both accused were arrested and produced before a local court. The court granted police remand till July 22.
Officials said further investigation is underway to examine the company's operations and trace the total amount defrauded.
More details are awaited.