Indian investors scammed by crypto cloud mining app

Three people accused of having “lured the investors” into downloading the app.

Thirty-one investors in India are believed to have been scammed out of $54,653 through a crypto cloud mining app.

The investors from Solapur city in the Indian state of Maharashtra were reportedly encouraged to download the CCH Cloud Miner app by fraudsters with the promise of a large return.

“Investors were asked to convert their Indian currency into dollars using the crypto trading app”, a police official said.

Cloud mining is a process that uses cloud computing without the prerequisite to install and download related hardware or software.

This is not the first cryptocurrency scam India has seen, the country is investigating more than 10 cryptocurrency exchanges for allegedly laundering more than $125m.

The Indian financial crime fighting agency froze around $1.5m in cryptocurrencies in an aim to support its anti-money laundering (AML) investigation against a mobile gaming app called E-nuggets.

Alongside investigations into AML, last month Indian law enforcement agency the Maharashtra Police arrested a man for stealing $31m from 1,441 investors in a cryptocurrency scam.

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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