• Nishid Wasnik, Director of ‘Ether Trade Asia,’ has been arrested

  • Authorities in India apprehended an organized cryptocurrency organization accused of defrauding investors. Over Rs 400 million is reported to have been stolen by the suspected crooks.

    According to sources, the cash were transmitted through the suspected scammers’ company, ‘Ether Trade Asia.’ The raid was carried out in Lonavala in collaboration with Pune rural police.

    Amitesh Kumar, the city police chief, stated that the sum might be more than Rs 400 million and that the case is still being examined. The cops also recovered guns, 50 tola gold (approx.) and luxury automobiles during the operation.

    Nishid Wasnik has been arrested.

    The authorities were able to identify 172 investors who lost money to the gang, but they believe the number is far higher. The raid resulted in the arrests of Nishid Wasnik, his wife (Pragati), Gajanan Mungune, and Sandesh Landjewar.

    At least 1,500 – 2,000 Ethers were discovered, but because cash transactions were also involved, the overall value is likely to be greater. Wasnik is also wanted in connection with the murder of Madhav Pawar last year. Wasnik allegedly murdered Pawar for refusing to disclose the password for one of the crypto wallets containing the transactions.

    Since 2017, the gang has allegedly been scamming investors. Investors were invited to an event held in a hotel in Pachmari. The guests were instructed to purchase Ethereum through ZebPay and transfer the coins to Ether Trade Asia in order to invest in various projects.

    The investors’ understanding of cryptocurrencies was relatively limited. The offer of daily or monthly interest has been a recurring theme in previous crypto frauds. Scammers have enticed investors by promising 3 percent every day on crypto investments, for example.

    When some of the investors try to withdraw their money, they run into ‘technical difficulties.’

    The alleged crooks’ internet activity was tracked by cyber security professionals. Last year, the gang moved around a lot before settling in Lonavala. The surgery lasted 90 minutes and was completed at 5 a.m.

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