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2 arrested for duping people through hedge fund investments

Press Trust of India  |  New Delhi 

Two persons have been arrested for allegedly people by promising huge returns through and crypto-currency investments, the said.

A case was registered by the Crime Branch in January over a complaint by a person named who told police that he was cheated of Rs 7.50 lakh while making an in "hedge fund".

A similar complaint of cheating was received by the cyber cell from resident who had paid 27 bitcoins to the directors of to invest in the company for extraordinary returns, said Joint Commissioner (crime)

"The arrested accused Ashish Malik, 33, and Sandeep Kaushik, 32, were recently caught by the Crime Branch after a thorough investigation, from their hideout in Sector 18 of Dwarka," he said.

As per the RBI guidelines, the creation, trading or usage of virtual currencies, including bitcoin, as a medium of payment is not authorised by any or monetary authority.

The accused were taking in the form of bitcoins, cash and cheque by luring investors to invest in Hedge Fund and thereafter they converted the amount into RHF Coin and RHF Gold without the consent of investors, the said.

They also lured people for investing into newly launched virtual crypto-currency RHF Coin.

The coins were initially launched at a rate of Rs 3.50 per coin with a promise of high profit. Presently the coins are of no use, Kumar said.

"The accused along with their associates including Sunil Singh Chauhan introduced themselves as owners of Rosneft Hedge Fund company to the complainants," Kumar said.

As per of Companies, no company exists in the name of Rosneft or RHF Coin and RHF Gold, he said.

Further investigation is going on in the case to nab accomplices of the accused.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 09 2018. 19:45 IST
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