Manendragarh (Chhattisgarh): People posing as cryptocurrency managers fled after defrauding Rs 600 crores from the public under the guise of crypto investments. As per sources, a firm named QLOF managed to gather huge payments from investors, halted withdrawals suddenly months ago, and then shut down its premises.
Police sources said that several people lodged complaints but no case has been registered yet. Former Congress MLA Dr Vinay Jaiswal submitted a memorandum at the police station demanding immediate action against the company.
"The company has defrauded people of Rs 600 crore. The victims will gherao the police station within 10 days if no action is taken against the firm at the earliest. As per the complainants, QLOF started trading in crypto currency actively back in December 2023.
No traces of the app has been found on the Play Store since July 1. It was originally downloaded through APK as it was not available on Google Play Store.
The scam kicked off by enticing the public with promises of significant gains through bitcoin investments, specifically focusing on young people without jobs," he added.
The entry fee was originally set at Rs 3,000 but was eventually raised to a whopping Rs 6,000 after the network broadened its tentacles in April. High commissions, incentives, and guarantees of interest on deposits were promised to lure the victims, Jaiswal alleged.
In June, the company said that their system had been hacked and that withdrawal of money had been banned till the system was upgraded. "The district administration and police should take complete responsibility for their inaction despite the scale of the fraud." Jaiswal said.
Jaiswal said that the company had collected crores of rupees from around 10 lakh people residing in the Manendragarh-Chirmiri-Bharatpur, Korea and Korba district within a span of seven to eight months. "They majorly targeted housewives, unemployed youths and the middle class," he added.
Read More:
