Cryptocurrency scam: 4 held for swindling money worth Rs 100 crore in Kannur
Kannur: Four persons have been arrested on Monday in connection with a scam involving cryptocurrency worth over Rs 100 crore.
Kannur police arrested Mohammad Riyaz, C Shafeek, Wasim Munavvarali, and Mohammad Shafeek after a Kannur native person lodged a complaint alleging that the gang swindled a significant amount of money from him.
According to police, the accused acquired crores of rupees by offering cryptocurrency in exchange under the name of a company called Longrich Technologies.
The gang targeted people from Kannur, Kozhikode, Malappuram, Kasaragod and Wayanad districts and swindled money from them after promising to pay back it as cryptocurrency. It is also learned that there are more people who lost money in this scam.