Main accused still on the run, four arrested for Crypto Ponzi scheme


The Central Crime Branch (CCB) has arrested four people involved with the ShareHash application.

After arresting four people involved in a Crypto Ponzi scheme, the CCB, Bengaluru is on the hunt for two main accused.

“We have arrested four people who worked with the ShareHash application. With the information received from them, we are looking for the two main accused, Stacy and Jimmy who are said to be based out of India,” said BS Ashok, police inspector, CCB.

“The accused are Sheetal Bastawad, a resident of Belagavi, Imran Riyaz, a cab driver from Gurappana Palya and Rehmatulla Khan, a two-wheeler mechanic and Zabiulla Khan, a scrap merchant cum painter from BTM Layout 2nd stage,” confirmed Ashok.

The inspector informed that these four people were running a scheme where they took Rs. 15 crore from people promising them, that they will deliver crypto mining machines.

“Gold ornaments and mobile phones were also recovered from the four accused,” Ashok said.

Cryptocurrency Ponzi scheme busted! @CCBBangalore has arrested four persons for running and operating a Crypto Miner-HNT (Helium Crypto Token) through a mobile app called SHAREHASH. The app promised high returns on investments and collected crores of rupees from gullible people,”  Commissioner of Police of Bengaluru City, Kamal Pant tweeted

“We are still searching for Jimmy and Stacy. We think this could be a part of a bigger scheme,” Ashok added.

“ShareHash started functioning in November 2021. Through regular payments made to the users, they gained the trust of the investors. “At the same time, the accused made another offer saying an individual can start their own cryptocurrency business and demanded Rs. 42,000 for providing the needed materials,” Commissioner Pant said.

Over the last few months, Crypto crimes have increased in the city. A similar case was reported in January 2022 where five private companies were suspected to be running money luring crypto schemes.

Jinit Parmar
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