31 People Lose Money After Investing Through Crypto Cloud Mining App: Newsdrum


Pune, Oct 12 (PTI) Thirty-one people from the city of Solapur in Maharashtra were allegedly defrauded of Rs 45 lakh after making investments through a crypto cloud mining app, police have said citing complaints.

Cloud mining is a mechanism for mining a cryptocurrency, such as bitcoin, using rented cloud computing power and without having to directly install and run associated hardware and software.

“Investors were asked to download the CCH Cloud Miner app and the crypto trading app. They were asked to convert their Indian currency to dollars using the crypto trading app and were required to invest in the CCH Cloud Miner app,” a police official said. tuesday.

So far, 31 people have contacted the police to complain of cheating, he said, adding that some of the investors initially received feedback.

“We have registered a case against three people who tricked people into downloading the app and investing money under the guise of offering high returns,” police inspector Udaysinh Patil said.

The trio work in the jewelry business in Solapur, he said.

One of the plaintiffs, Ram Jadhav, claimed that he invested Rs 4.28 lakh. He said the app was now outdated and the trio’s office was closed.

The Reserve Bank of India has repeatedly highlighted the problem of digital assets. PTI SPK NSK GK GK

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