Cryptocurrency gang busted by Bolangir police; prime accused arrested; luxury car seized

In an important breakthrough, Bolangir Police busted a cryptocurrency racket and arrested the prime accused of the gang Prashant Meher on Saturday.

A luxury car and other important documents were also seized from the possession of the accused.

As per reports, Meher along with seven to eight members of the gang were involved in cryptocurrency transactions. Meher was allegedly luring people by promising Thailand and Dubai tours. They were cheating people through various apps and websites.

“They had a plan to launch 100 crore cryptocurrencies. They had brought 1.5 per cent of those currencies into circulation in the market. They had collected approximately Rs 12-15 crore from different investors through those currencies. They had also launched a multi-level marketing company named ‘Pegmatite Sustainable Solutions Private Limited’ to mask their transactions,” said Bolangir SP, Rishikesh Khilari.

“Through their different agents, they were meeting people and explaining to them the way the currency works. When they launched the currency in July 2022, its value was 10 paise. As of now, the value has reached 85 paise. They were artificially manipulating the value of their coins and luring people to invest in it,” he added.