Law enforcement of the state of Maharashtra (India) arrested the suspects for organizing a fraudulent scheme with cryptocurrencies. CoinDesk writes about it.

According to investigators, Ritesh Dilip Kumar Sikligar and Mohan Patil promised investors high returns on investments in SMP and Magic 3x digital assets. At the same time, the coins were not traded on any exchange.

“Criminals lured customers by promising interest rates from 0.05% to 1% per day, depending on the amount deposited,” the police said.

More than 1,400 people are believed to have been affected by the scam. Law enforcement found it difficult to specify the exact amount of damage due to “inconsistencies,” but acknowledged that it could range from $6 to $12 million.

According to the publication, 24 victims are currently known to have lost $4.4 million ($55,140). Law enforcement officials noted that the number of victims will increase as the investigation progresses.

Recall that in August, Israeli authorities arrested three suspects while plotting an international fraud scheme to launder millions of euros using cryptocurrencies.

Previously, the U.S. Federal Trade Commission had estimated more than $1 billion in losses from crimes related to digital assets.

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