Lucknow (Uttar Pradesh):The Special Task Force (STF) arrested an alleged mastermind behind the Ruby Coin cryptocurrency scam involving a fraud of Rs. 150 crore, which duped thousands of investors.
Police said the accused, Sameer Keshari had created the fake cryptocurrency with promises of huge returns to lure investors.
Deputy SP Deepak Singh said that Keshari would promote dubious Ruby Coin using his experience in marketing to trap gullible investors.
He said Kesharu was already jailed in Madhya Pradesh for another fraud in 2016.
The initial investigations revealed that the accused created a fake coin exchange, CTS Cola, with a Dubai office and operated a local server to manipulate investor accounts.
“The accounts would show fake balances to investors and deactivated accounts with increased liabilities,” police said.
Keshari, a resident of Malda in West Bengal, would use several excuses to delay payments and manipulate investors, they said.
After the suspicion grew among the investors, he attempted to flee the country after converting his ill-gotten gains into cryptocurrency. However, the STF arrested him before he could escape.
More About The Accused
According to the police, Sameer previously worked for Angela Agrotech Company in Kolkata. He was quickly appointed to the company's board of directors because of his strong sales talents.
However, he was jailed in Durg, Madhya Pradesh, in 2016 for alleged fraud, and after being released, he settled in Raipur, Chhattisgarh.
After some years, he launched a virtual coin called Ruby Coin and began aggressively advertising it. As a result, many began to believe his populist claims.
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