Bitcoin Company in Jammu and Kashmir Booked for Duping People

Srinagar: A case has been registered against a private company in Jammu and Kashmir on Saturday for allegedly duping people after asking them to invest their cryptocurrencies in their company, police said.

The Crime Branch received a complaint from some people that a representative of a company, GainBitcoin, approached them and asked them to invest their Bitcoins in the company, promising a 180-per-cent return in 18 months, a spokesperson said.

The complainants invested the Bitcoins, but the company failed to repay what they had promised, the spokesperson said.

A preliminary investigation the complainants opened a digital wallet as advised by the company for crediting the assured amount. The accounts of the complainants were credited by the company with the condition that the amount cannot be withdrawn for a period of six months, he said.

“After the expiry of six months, when the time of withdrawal commenced, the company crashed these wallet accounts and also crashed those websites,” the spokesperson said. The accused have been booked under relevant sections, he added.