CRYPTOCURRENCY MINING SCAM RUN VIA APP BUSTED IN BENGALURU

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Cryptocurrencies are designed to be difficult to trace and even harder to recover. A company called Sharehash is the owner of a rapidly growing Bitcoin farm in countries in Europe and Asia and has In terms of profitability and income generation, we own ShareHash, which represents its users first. In addition, we strive to establish a strong platform in the blockchain and cryptocurrency space.Cryptocurrency bright He believes he has a future and has chosen to become a strong member of it. This scam started with the launch of the ShareHash app on Google Play last year. The app had over 50,000 of his installs until the promoter pulled the plug in January of this year.

SHAREHASH APP

This app provided cloud mining. It refers to a mechanism that uses rented cloud computing power to mine cryptocurrencies such as Bitcoin without the need to install and run hardware and related software directly. This allowed people to open accounts and participate remotely in the cryptocurrency mining process for a fee. The app also provided users with another cryptocurrency mining service, Nebra Helium Hotspot Miners (HNT). The app’s founder has launched an online hunt for locals who can act as front companies for shell companies and open bank accounts in their names.

CRYPTOCURRENCY MINING SCAM

In all, the gang opened five major bank accounts from a number of companies connected to the ShareHash app (see box). All companies registered for 2020-2021 with mechanics, drivers and painters on board. Millions of rupees were traded in bank accounts without their knowledge, senior police officials said. These companies launched their advertising campaigns by sending mass messages via SMS and WhatsApp. many people had lost their money via sharehash app and then the investication has been started that how to get bitcoin from scammer. The deal was incredibly attractive, yielding returns of up to 45% on daily investments. To sweeten the deal, users were also offered instant withdrawals.

PROMOTIONAL GIMMICK

In another publicity stunt, the gang offered to sell cryptocurrency mining machines that would “bring even greater profits to investors.” Some people who got high returns on their initial investment of 2,000 rupees ended up investing more. Many people bet between Rs 20,000 and Rs 20,000. In January 2022, the gang announced the closure of his ShareHash app, citing technical issues, but he promised to develop a ShareHash 2.0 app soon. To avoid suspicion, they asked people to invest and become Prime members before launching the app.

CCB INVESTIGATION

Many people have fallen into this trap when investing Rs. 5,000 to Rs. 50,000. The Central Crime Department (CCB) investigated the gang after receiving a complaint from one of his investors, his JP Nagar resident named RajivBS. In his January 21 complaint to police, Rajiv, 46, said he and his friends Adarsh ​​Sanjeev N., Sudheer T.S., Venkatesh Devaraj, Harsha U.V., Manoj Kumar B.M., and K. Harish Kumar. Between August last year and January 18th of this year, the group invested his Rs 76,000. CCB inspector BS Ashok and his team arrested all four of him: Zabihura Khan, Remachula Khan, Imran Riyaz and Seetar Bastwad.

In addition to cash of 78,000 rupees and 1.65kg of gold, the CCB has frozen bank deposits worth 1.5 billion rupees belonging to the gang. According to the CCB, Bastwad, who is studying to become a chartered accountant, worked as a company secretary, opening bank accounts and arranging electronic signatures, seals and seals. Kingpins Jimmy and Stacey are on the run, according to CCB.wire transfer fraud recovery done by engaging the attorney general  and contact all the banks

CENTRAL CRIME INVESTIGATION

“The defendants ran a company called FOMOEX at a private hotel in Yelahanka. They claimed they had offices in the United States, Singapore and China,” police said. He said he devised a Chain link model that allows people to participate and receive commissions for doing so. Police added that they could receive it monthly.

CONCLUSION

This kind of scam is example to more number people, after reading this kind of scam people should be alert. Everyone need to be rich but it should not happen in overnight but the hard work definitely gives the best result .wire transfer fraud recovery was done by central crime investigation and they also found the chain link of the crime.