Nagpur: How A Std XII Pass Man's MBA Graduate Niece Helped Him In Rs 40 Crore Crypto Scam

A ?40 crore crypto scam has recently come to light in Nagpur, with around 11 arrests already made in the case.

The main accused and mastermind Nishid Wasnik, too, was arrested in Pune on Saturday. But Wasnik, a class 12 pass out who ran this crypto racket, had support from his niece, who is an MBA graduate and helped Wasnik carry out this huge crypto scam.

TOI

Even Wasnik¡¯s father Mahadeo was amongst those placed under arrest in the latest development.

On February 19th, a crime branch team had nabbed Wasnik from Lonavala. While all 11 accused were apprehended at Lonavala, the roles of the latter 7 were reportedly ascertained only on Sunday.

And that's not all.

The Crypto Scam

An official said that Nishid Wasnik used to flaunt his luxurious lifestyle to get people into investing in a firm that he claimed was dealing in 'ether' cryptocurrency, as per a report in PTI.

The ?40 crore investments from over 2000 investors were siphoned off through a company Ether Trade Asia

"He manipulated the website of the firm to show a steady rise in the value of investments, while transferring money into his accounts fraudulently between 2017 and 2021. He had even organized a seminar on cryptocurrency investment in Panchmarhi in Madhya Pradesh," the official said.

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MBA Niece Is Still On The Run

It¡¯s learnt that several others in the crypto racket are on the run, including the MBA graduate niece, who was one of Wasnik¡¯s main accomplices in pulling off the fraud. The MBA niece¡¯s father is already behind bars after being arrested for fraud a few months back, as per TimesofIndia.

Murder Cases Against Wasnik

This crypto scam is not the sole crime committed by prime accused Wasnik.

Police has reportedly said Wasnik had several cases against him, including two murders. He is also wanted in a murder case of his close aide in Washim last year,following a dispute.

City police chief (CP) Amitesh Kumar said the stringent MCOCA may be invoked against the cryptocurrency gang. ¡°Our team will soon leave for Pune to gather more evidence and nab the gangster who was helping Wasnik,¡± said the CP, as reported in TimesofIndia.

As per what sources said ,Wasnik had purchased several properties with the fraud amount. In the past, he was booked in another case of fraud at Rana Pratap Nagar police station.

During the raid at Lonavala, police recovered a firearm and 7 cartridges, apart from sophisticated vehicles worth more than ?1 crore. Also, this is reportedly Nagpur's first crypto scam.

Also Read: Crypto Will Collapse One Day, Says Rakesh Jhunjhunwala

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