Scam ICO advertised on CoinMarketCap busted by police in India

Cryptocurrency scams that have been running for years in India are finally getting busted by the local police. Criminal investigation authorities in the Indian state of Gujarat have booked five people for running a fraudulent initial coin offering (ICO) called Bitstrades.  The company’s founder Hardik Zadafiya has been arrested for cheating and criminal breach of trust under the Indian Penal Code (IPC), but the other four accused are on the run, local publication Times of India (TOI) reported today. The police acted on the basis of a first information report (FIR) filed by a local resident. The victim claimed to have been duped of…

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