Local news sources in Kerela, India, reported this week that eleven people were arrested for allegedly abducting a young man whom they claimed was involved in a fraudulent bitcoin-related scheme.
The young man named Mohammed Nawaz had allegedly convinced people within the region to invest in a crypto-related scheme, dubbed “Bitcoin Network Investment,” which was later discovered to be a scam according to the report.
The investment fraud caused the people of the state to lose their money, which was about $200,320 in total. Victims of this unfortunate incident then took laws into their hands and instructed goons to kidnap Nawaz after realizing he had duped them.
The report further revealed that the hired goons got arrested by the police, after which Nawaz agreed to sell off his assets and make refunds to every victim who had invested their money into the fraudulent scheme.
Meanwhile, Kerala being the state with the highest population of literates in India has revealed earlier this year, its plan to train 20,000 blockchain professionals. The state-backed Kerala Blockchain Academy (KBA) in September piloted a program on the concept of using blockchain to secure the issuance of educational certificates.
The Bitcoin Hideout
Even as cryptocurrencies like Bitcoin continue the march towards mass adoption, fraudsters continue to use the new tool as an opportunity with crypto scams with new styles adopted every day.
In another crypto-related crime update, Coinfomania reported on the recent arrest of Nigerian cybercrime lord, Olalekan Jacob Ponle, popularly known as Woodberry. Woodberry allegedly stole millions of dollars worth of funds from U.S companies and then converted a portion of his loot ($15 million) into bitcoins.
Unfortunately, the FBI confirmed that the stolen funds might not be recovered as a result of the sophisticated nature of the Bitcoin network