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Two separate gangs, including three juveniles, were arrested on Tuesday for allegedly printing and circulating <keyword id="66352" type="PERSON" weightage="20" keywordseo="fake-Indian-currency">fake Indian currency</keyword> notes, police said. The counterfeit notes with a face value of Rs 17.77 lakh were seized from them, the police said. On information that some people were printing and circulating the fake currency, police teams laid traps and caught the gang members from different places, city police commissioner Anjani Kumar said. In one case, nine members of the gang, including three juveniles in conflict with law, were caught and the fake currency with a face value of Rs 9.27 lakh was seized from them. The gang was believed to have printed and circulated the notes of Rs 200 and Rs 100 denomination from Sangareddy town, the police said adding the accused watched videos online about printing of fake notes, purchased scanner-cum-colour printing machines and indulged in the racket. In the other case, four members of a gang were held and fake notes with a face value of Rs 8.5 lakh (in denomination of Rs 2,000 and Rs 500) and printing materials were seized from them, the police said.

Fake currency racket printing ₹100 and ₹200 notes busted in Hyderabad

In its first ever raids in the Union Territory of <keyword id="19905190" type="General" weightage="20" keywordseo="Ladakh" source="keywords">Ladakh</keyword>, the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Friday conducted searches as part of its <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said. The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others. It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "<keyword id="22638371" type="General" weightage="20" keywordseo="Emollient-Coin-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Emollient Coin Limited" meta.hostid="261" meta.entityid="Emollient Coin Limited">Emollient Coin Limited</keyword>". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu. The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary. Police in Leh in their FIR stated that an inquiry was conducted by a committee formed by the local district magistrate against Mir and his agents who were running the "fake" cryptocurrency business (Emollient Coin Limited) from a office located at the Anjuman Moin-Ul-complex, opposite SNM Hospital, in Leh. The committee sealed this office during inquiry on charges of "cheating many innocent individuals by assuring them to double their investment", according to the FIR. The accused lured people of the UT of Ladakh and some other places to purchase "Emollient Coin" using cash or transferring money into bank accounts, according to Enforcement Directorate (ED) officials. The depositors were also duped in the name of "Bitcoins" with the assurance of returns up to 40 per cent with a lock-in period of 10 months, the probe agency said. Investors were dished out a commission of up to seven per cent of the investment made by the people on their reference in the business, thereby forming a multi-level marketing chain, the ED found. A total of 2,508 people invested Rs 7,34,36,267 in the investment plan offered by Mir and the company (Emollient) floated by him that was incorporated in September 2017 and had its registered office in London. A man, Henry Maxwell, living in the UK capital, was its director. The company had two promoters in India -- Naresh Gullia and Channi Singh. The company was "deliberately" dissolved in March 2019, and Mir along with Choudhary launched a real estate business and acquired lands in Jammu from the funds generated by the fake cryptocurrency trade, according to the ED. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

ED undertakes first-ever searches in Ladakh in crypto fraud case

New Delhi [India], March 6 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Enforcement Directorate (ED) has filed a prosecution complaint against 299 accused persons and entities (including 76 Chinese-controlled entities) and two other entities controlled by other foreign nationals in an ongoing money laundering case, the agency said on Wednesday. The case is linked to the duping of gullible investors who were promised astronomical returns on investing money (claimed to be used for mining bitcoins and other crypto Currencies) for which an app-based token by the name of "<keyword id="19984854" type="General" weightage="20" keywordseo="hpz-token" source="keywords">HPZ Token</keyword>" was used. The prosecution complaint filed before a Special Prevention of Money Laundering Act (PMLA) court in Nagaland's Dimapur named 299 accused persons and 78 entities. Out of the total entities named in the prosecution complaint, 76 are Chinese-controlled entities (in which 10 directors are of Chinese origin) and two other entities are controlled by other foreign nationals. The court took cognizance of the offence of money laundering in the prosecution complaint on Tuesday after finding that a prima-facie case has been made under PMLA, 2002, against the said 299 accused persons. ED initiated an investigation based on an FIR registered by Cyber Crime Police Station, <keyword id="20214444" type="General" weightage="20" keywordseo="kohima" source="keywords">Kohima</keyword> (Nagaland) under various sections of the Indian Penal Code, 1860 and the <keyword id="20003647" type="General" weightage="20" keywordseo="information-technology-act" source="keywords">Information Technology Act</keyword>, concerning the duping of gullible investors who were promised astronomical returns on investing money [claimed to be used for mining of bitcoins and other cryptocurrencies], for which an app-based token by the name of "HPZ Token" was used. The ED investigation revealed that various bank accounts and merchant IDs were opened by various shell entities having dummy directors and proprietors only for the rotation and layering of proceeds of crime representing funds fraudulently received for illegal online gaming betting and investment in <keyword id="19899404" type="General" weightage="20" keywordseo="bitcoin" source="keywords">Bitcoin</keyword> mining. For an investment of Rs 57,000, returns of Rs 4,000 per day for three months were promised but money was paid only once and thereafter, fresh funds were sought. Earlier, ED conducted search operations at 44 locations throughout the country and an amount of Rs 176.67 crore, maintained by shell entities in various banks and virtual accounts, was frozen. Further movable and immovable properties to the extent of Rs 278.70 crore held in the name of dummy entities were attached. Total seizure and attachment stand at Rs 455.37 crore in the case so far. (ANI)

ED files prosecution complaint against 299 accused, 76 Chinese-controlled entities in a money laundering case

The Centre has blocked over 100 websites involved in facilitating organised illegal investments related to economic crimes and task-based part-time job frauds. According to an official statement, these websites were being operated by overseas actors and targets were mostly retired employees, women and unemployed youth looking for part time jobs. The Indian Cybercrime Coordination Centre (I4C), a wing of the Union Home Ministry, through its vertical National Cybercrime Threat Analytics Unit (NCTAU) had last week identified and recommended that these websites be blocked. Following this, the Ministry of Electronics and Information Technology (MeitY), invoking its power under the Information Technology Act, 2000, has blocked these websites, the statement said. These websites, which facilitated task-based organised illegal investment related to economic crimes, were learnt to be operated by overseas actors and were using digital advertisement, chat messengers and mule and rented accounts. The proceeds from the large scale economic frauds were seen to be laundered out of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> using card network, crypto currency, overseas ATM withdrawals and international Fintech companies, the statement said. The I4C is an initiative of the Home Ministry to deal with cyber crimes in the country in a coordinated and comprehensive manner. <keyword id="6366773" type="General" weightage="80" keywordseo="citizens" source="Orion">Citizens</keyword> have been advised to promptly report phone numbers and social media handles used by such fraudsters to the National Cybercrime Reporting Portal (NCRP), the statement said. It said several complaints have been received through 1930 helpline and the NCRP and these offences were posing significant threat to the citizens and also involved data security concerns. These frauds, typically, involve a number of steps that include targeted digital advertisements launched on platforms like Google and Meta using key words like "Ghar baithe job" (Do jobs sitting at home), "Ghar baithe kamai kaise karen" (How to earn by sitting at home) etc. in multiple languages from overseas advertisers. Upon clicking the advertisement, an agent using WhatsApp or Telegram starts conversation with the potential victim, who convinces him or her to perform some tasks like video likes and subscribe, maps rating, etc. Upon completion of task, the victim is given some commission, initially and is asked to invest more to get more returns against given task. After gaining confidence, when victim deposits larger sum, deposits are frozen and thus the victim is duped. As precautionary measure, it is advised to exercise due diligence before investing in any such very high commission paying online schemes sponsored over internet. If an unknown person contacts anyone over WhatsApp or Telegram, refrain from performing financial transactions without verification, the statement said Verify the name of receiver mentioned in UPI App. If receiver is any random person, it may be a mule account and scheme may be fraudulent.Similarly, check the source from where initial commission is received, it said. Citizens should refrain from doing transactions with unknown accounts, as these could be involved in money laundering and even terror financing and lead to blocking of accounts by police and other legal action, the statement said. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-november-2023/slidelist/105775116.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-november-2023/slidelist/105775116.cms" target="_blank">WagonR to Creta – Top selling cars in India in November</a><a href="https://www.businessinsider.in/tech/mobile/news/oneplus-announced-new-flagship-smartphone-oneplus-12-with-up-to-24gb-ram/articleshow/105756057.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-announced-new-flagship-smartphone-oneplus-12-with-up-to-24gb-ram/articleshow/105756057.cms" target="_blank">OnePlus 12 debuts with bigger battery, up to 24GB RAM and more</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-and-tvs-motor-leading-electric-two-wheeler-sales-in-nov-2023-month/articleshow/105719702.cms">Electric two-wheeler sales rise in Nov as Ola Electric scales a new high</a>

Over 100 websites blocked for facilitating organised illegal investments

<ul class="summary-list"><li>Government recently warned stablecoin makers that many consumers don't get that the tokens could lose them money, Bloomberg reported Wednesday.</li><li>Regulators also fear <keyword id="8067293" type="UNKNOWN" weightage="60" keywordseo="Stablecoins">stablecoins</keyword> could be used to sidestep the formal banking system, letting criminals launder money with impunity.</li><li>The shakiness of stablecoins poses a problem for <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> more broadly.</li></ul>Regulatory concern is mounting over stablecoins, <a href="https://www.businessinsider.com/stablecoins-could-start-replacing-traditional-money-within-a-few-years-2021-6?IR=C">digital money pegged to fiat currencies</a>, as officials worry they could be used to dupe consumers or enable money laundering. According to a <a href="https://www.bloomberg.com/news/articles/2021-06-16/crypto-lode-of-100-billion-stirs-u-s-worry-over-hidden-danger?srnd=premium">report from Bloomberg</a>, officials in the Biden administration recently warned stablecoin makers that many consumers are not aware that the dollar-linked <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-fc355fe4-7fff-a01f-71e4-815693ebe052">tokens</a> are not federally insured and could result in losses on their investments. The report, citing a person familiar with the matter, says regulators also fear <a href="https://forum.businessinsider.in/" id="docs-internal-guid-50781021-7fff-1dc5-52a7-e7ebcbbf3850">stablecoins</a> could be used to sidestep the formal banking system, letting criminals launder money with impunity. Scrutiny of stablecoins has been building for months, even as the <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword> is <a href="https://markets.businessinsider.com/currencies/news/federal-reserve-central-bank-digital-currency-cbdc-research-report-summer-2021-5-1030452795">considering issuing its own digital currency</a> backed by the central bank. In a speech last month, Fed Governor Lael Brainard echoed the worries aired in the Bloomberg report, noting that stablecoins - essentially a form of privately issued money - introduce the risk that the private issuer defaults. That could harm consumers and destabilize the financial system, Brainard said. Stablecoins, which are in principle backed one-to-one by US dollars, have <a href="https://www.businessinsider.com/stablecoins-could-start-replacing-traditional-money-within-a-few-years-2021-6?IR=C">often appeared wobbly</a>. In February, New York Attorney General Letitia James banned New Yorkers from trading in <keyword id="2762594" type="PERSON" weightage="60" keywordseo="tether">Tether</keyword>, the market's largest stablecoin, after an investigation revealed Tether's purported one-to-one backing was not so. In a statement to Bloomberg, Tether said the company "embraces transparency and regulation" and was not presently accepting US customers. The shakiness of stablecoins poses a problem for <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-d1b79311-7fff-605a-a543-56fc773f9253">crypto</a> more broadly. Because stablecoins provide an easy way for traders to move between crypto and dollars, they have become a key source of liquidity to the crypto market - notwithstanding their imperfect pegs to the dollar. Crypto-related money laundering fears were reinforced earlier this month when a UK financial regulator warned a "significantly high" number of crypto firms were not adhering to anti-money laundering requirements. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/trading-on-crypto-exchanges-based-outside-of-india-may-get-more-expensive/articleshow/83747213.cms">India is reportedly mulling over a new crypto tax which could make trading on foreign exchanges more expensive</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchanges-are-eyeing-more-industry-bodies-to-expand-influence/articleshow/83742929.cms">There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation</a> <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a>

Regulators are reportedly sounding the alarm over stablecoins, fearing they are poorly understood and could be used to launder money

<ul><li>After three years of investigations, the US SEC has sued five individuals for helping <keyword id="6155367" type="UNKNOWN" weightage="20" keywordseo="Bitconnect">BitConnect</keyword>, a fake <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> exchange.</li><li>The promoter allegedly created fake testimonials on YouTube to advertise a "lending program" that investors would invest in.</li><li>The scam was truly international as the token was hosted by the company and pretended to be a genuine cryptocurrency.</li></ul>Often dubbed as the biggest heist in the cryptocurrency world, the BitConnect scam rocked the industry in 2018 as it <a href="https://www.bloomberg.com/news/articles/2021-05-28/sec-sues-five-bitconnect-promoters-over-2-billion-scheme">siphoned</a> off $2 billion by duping investors. The alleged blockchain was nothing but a multi-level Ponzi scheme that promised too good to be true returns quickly. After three years of investigations, the US Securities and Exchange Commission (SEC) has sued five individuals for helping BitConnect, a fake cryptocurrency exchange. The SEC has filed a civil lawsuit against these five promoters, alleging misleading advertisements. They are accused of selling securities to retail customers without registering with the regulator. "We allege that these defendants unlawfully sold unregistered digital asset securities by actively promoting the BitConnect lending program to retail investors," Lara Shalov Mehraban, Associate Regional Director of the SEC's New York Regional Office, said in a <a href="https://www.theblockcrypto.com/linked/106617/sec-bitconnect-promotion-lawsuit-crypto-ponzi">statement</a>. Even though the FBI was also investigating for three years, no criminal complaints have been <a href="https://www.coindesk.com/sec-sues-5-over-2b-bitconnect-ponzi">filed</a>. The promoter is said to have created fake testimonials on YouTube to advertise a "lending program" that investors would invest in. For each investment, they received a commission. One of the promoters was able to amass a whopping $2.6 million in just commission. The SEC has long asked investors to be wary of schemes that promise extraordinarily high returns in a short period. Still, the added mix of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> made the deal more believable. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">What is the BitConnect scam? </h2> The rise of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> in 2016 played a pivotal role in convincing investors that Bitconnect (BCC) was a legitimate currency that could have immense potential. BitConnect also employed a system of invites and referrals, where users could invite their friends and fellow <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> enthusiasts in exchange for financial bonuses. A simple pyramid structure asked users to invest some money, refer and sign-up more users to create a vast pool. The scheme works as long as newer people join and pour in fresh capital. The moment the outflow of the fund exceeds the inflow, the plan fails. If you exit the scheme on time, you’re safe. But if you’re holding the asset when the structure collapses, there’s little hope of recovery, as we’ve seen with a plethora of other similar scams. The alleged crypto exchange became a sensation and was among the top 20 in the world. And, this is where regulators started to take notice. It received a strike-off <a href="https://thenextweb.com/hardfork/2017/11/13/bitcoin-bitconnect-uk-ponzi-investment/">notice</a> at the end of November 2017 in the UK, threatening a shutdown and dissolution. The <a href="https://www.zdnet.com/article/bitconnect-winds-up-cryptocurrency-exchange-operations/">last bullet</a> was a cease and desist letter from the Texas Securities Board, ordering the company to close down its operation and cut BCC distribution. The scam was truly international as the token was hosted by the company and pretended to be a genuine cryptocurrency. For most of BCC's existence, the only place to purchase, trade, or sell the cryptocurrency was through the proprietary exchange hosted by Bitconnect. Its ripple waves were also felt in India, where Divyesh Darji, the India head of the company, was <a href="https://www.financialexpress.com/india-news/bitcoin-investment-scam-promoter-of-bitconnect-held/1284996/">arrested</a> by the Gujarat CID (Crime Investigation Department) in August 2018. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">The law is almost helpless...</h2> Authorities globally are confused since cryptocurrency isn't regulated. The SEC can only charge the promoters with a civil case for the misselling of financial instruments that weren't registered. US authorities were also having trouble tracing the victims as they were spread across the globe and unaccounted for. The FBI <a href="https://www.wfmj.com/story/39995571/fbi-looking-for-victims-in-25-billion-bitconnect-coin-investigation">asked</a> victims of the Ponzi scheme to come forward and help in tracing all the scammers. Even Indian authorities aren't equipped enough to deal with decentralized platforms that call themselves an exchange. Although, regulators worldwide have synonymously said that initial coin offerings (ICOs) are widespread, and users should be careful of what they're investing in. Cryptocurrency continues to be a grey market, providing close to zero law enforcement or redressal. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/indias-banks-started-withdrawing-services-from-crypto-exchanges-earlier-this-month/articleshow/83109454.cms">Indian banks are reportedly citing a three-year old quashed circular to persuade users against crypto</a> <a href="https://www.businessinsider.in/science/health/news/good-nutrition-is-vital-if-you-are-recuperating-from-the-coronavirus-here-is-what-you-should-have/articleshow/83083748.cms">Good nutrition is vital if you are recuperating from the Coronavirus — here is what you should have</a> <a href="https://www.businessinsider.in/stock-market/news/from-bhel-to-heg-and-cg-power-these-infrastructure-stocks-have-turned-10000-to-as-much-as-30600-in-just-six-months/slidelist/83104471.cms">From BHEL to HEG and CG Power ⁠— these infrastructure stocks have turned ₹10,000 to as much as ₹30,600 in just six months</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-se-3-smartphone-launch-date-specifications-expected-price-in-india/articleshow/83107752.cms">iPhone SE 3 launch date, specifications, price in India and everything else we know so far</a>

You Searched For "Indian currency duped" and got 6 results

Fake currency racket printing ₹100 and ₹200 notes busted in Hyderabad

PTI

ED undertakes first-ever searches in Ladakh in crypto fraud case

PTI

ED files prosecution complaint against 299 accused, 76 Chinese-controlled entities in a money laundering case

ANI

Over 100 websites blocked for facilitating organised illegal investments

PTI

Regulators are reportedly sounding the alarm over stablecoins, fearing they are poorly understood and could be used to launder money

Ethan Wu

US regulator SEC sues five Bitconnect promoters in a $2 billion crypto trading Ponzi scheme

Shivam Vahia

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