Indian Police Investigate the Wowcoin Fraud
The Indian-based Wow Trade Coin makes scams. The authorities have begun to investigate the executives of the platform.
The Indian police began an investigation relating one of the biggest crypto frauds in the country, who had a woman from Chennai as a victim. She was lied to invest $ 26,000 and buy the abandoned Wowcoin.
According to a report, the victim is a West Mambalam-based pharmacist named Indrani Maruthamuthu. The suspects identified her through Facebook and introduced themselves as Padmaj Bommi Shetty Srinivasalu, Aarthi Anavaram Bommishetty, and Clint Joseph Rodriques. All three are boarding directors at Wow Digital Solutions Pvt Ltd.
The suspects promised a big remuneration
One of the officers involved in the investigation stated that:
“We have received only one complainant so far, but we expect more. Indrani said in her complaint that she learned about Wowcoin through D Madhesh, whom she befriended on Facebook.”
According to the police, the victim was informed about Wow Trade Coin by Madhesh. The suspects promised her a big pay in just a few years, lying to her to invest $ 26,000.
“The directors of Wow Digital Solutions told her that Wowcoin was set to surpass Bitcoin in popularity and would be the online currency of the future. They opened a trading account in her name on a website (wowtrade.com) and claimed to show her how her investment was growing with every passing day,” added the police.
Just a little while after Indrani invested the money demanded by the three suspects, she noticed that no remuneration took place, so he appealed to the local authorities.
This isn’t the first incident of its kind. Just two weeks ago, the Indian authorities arrested two suspects of a Ponzi model fraud. They managed to collect 2.6 million USD from more than 5,000 victims.