Name of conglomerate “abused” to sell cryptocurrency
Amboli Police registered an FIR as part of a cyber fraud in which the defendants allegedly used the name, logo and brand of a conglomerate to float cryptocurrency in the crypto market in order to attract investors. While no fraud complaints have been registered to date, police suspect several people have been duped.
An FIR was registered earlier this month after a complaint was filed by the representative of the company, which has an office in Andheri (west). On June 15, the company, which runs a business related to the food industry and has several branches in Mumbai, claimed to have encountered social media profiles on different platforms, like Twitter, Telegram, etc., allegedly created by an impersonator. using the registered trademark. of the firm. The accused, according to the complaint, was attempting to sell the crypto coins for US $ 0.25 in the crypto market using the goodwill of the company for illicit gains.
The complaint claimed the company was shocked to see its name and style used to trick real investors into believing the coin is part of their conglomerate. The fraudster, he claimed, also created fake domain names in his name to lure gullible investors around the world.
The company provided the police with information relating to fake social media pages created by the fraudster. When contacted, his officials declined to comment and said they did not want to be named.
The criminal branch cyber police station is currently carrying out a parallel investigation into the case and will provide technical assistance to the Amboli police.
Ritesh Bhatia, a cybercrime investigator who has assisted Mumbai Police in investigating cybercrime cases in the past, said, âWith the rise of the cryptocurrency markets, several cybercrimes are also emerging related to crypto. currencies and it is very important that users and investors are aware of these coins. There are many such scams out there and some of them are bogus crypto exchanges, bogus scams offering initial coins, and bogus tiered marketing and Ponzi schemes.
The current case, Bhatia said, was very surprising, as it was possibly the first time that a company logo and name had been used to create a crypto coin in order to attract investors.