--- title: "Cryptocurrency Investment Fraud: 7 More Arrested in Nagpur" description: "Cryptocurrency is a virtual currency not legitimized in India, many investors faced the fraud situation in Nagpur where a crypto investor embezzled 40" author: "Sanjay Goenka" published: 2022-02-21 canonical: https://www.mindstick.com/news/1436/cryptocurrency-investment-fraud-7-more-arrested-in-nagpur category: "cryptocurrency" tags: ["technology", "internet", "technology news", "crypto exchange", "cryptocurrency"] reading_time: 2 minutes --- # Cryptocurrency Investment Fraud: 7 More Arrested in Nagpur > Cryptocurrency [investment](https://www.mindstick.com/articles/13065/an-investment-in-certification-software-gives-peace) fraud in Nagpur involves 7 more accused has been arrested. 40 crore money was embezzled. The Nagpur officials said the **main accused Nishid Wasnik** attracted the investors by showing its luxurious lifestyle. Wasnik promoted people to invest in a firm that claimed to be dealing in Either cryptocurrency. #### Highlights ``` The main accused Nishid Wasnik started hiding last year March. He manipulated the numerical value of the firm to show the steady rise in value. Once he had even conducted a seminar on cryptocurrency investment. ``` ## Also Read- Cryptocurrency Fraud Worth Of Rs. 2 Crore In Bengaluru, Police Initiates Inquiry: Report The Nagpur cryptocurrency Investment Case in which **40 crore money from 2000 investors were duped** is searching for more accused. The **accused number reached 11** as on Sunday, after the arresting day of the main accused Nishid Wasnik, his wife, and two associates from Lonavala in Pune (Maharashtra), released by police. An official also told that **Nishid Wasniok used to attract the investor with his luxurious lifestyle** and he used to say for investing money to its investors in a firm that was said to be dealing with Either Cryptocurrency whose price is 2.17 lakhs as of 10 am on February 21. #### Official Statement “He manipulated the Website of the firm to show a steady rise in the value of investment while Transfering money into his account fraudulently between 2017 and 2021. He had been even organized a seminar on Cryptocurrency investment in Panchmarhi in [Madhya Pradesh](https://yourviews.mindstick.com/story/4465/10-places-to-visit-in-madhya-pradesh),’ the government official said. The main accused Nishid Wasnik went into hiding in March last year after involving the investor in its forgery and now he has been arrested from Pune district Maharashtra. **On Sunday 7 more accused** members including Nishid Wasnic, his wife, two more associates were arrested and charged under a section of the **[IPC,](https://answers.mindstick.com/qa/94630/what-is-section-124-ipc)** Maharashtra Protection of Interest of Depositors Act, band [Information Technology](https://www.mindstick.com/blog/301938/is-information-technology-all-about-coding) Act statutes in Yashodhara Nagar police. Cryptocurrency use is still not legitimized by the [Indian Government](https://yourviews.mindstick.com/view/84685/why-indian-government-should-ban-madarsa-to-trained-jihadis) but in the **[Budget Session of parliament 2022](https://yourviews.mindstick.com/view/83047/indian-budget-of-2022-2023-is-in-the-hands-of-nirmala-sitharaman)** [Nirmala Sitharaman](https://answers.mindstick.com/qa/95634/the-first-ever-3d-printed-house-of-india-has-recently-been-inaugurated-by-union-finance-minister-nirmala-sitharaman-at-which-place) has laid down some introductory base to regularize the currency and also she has introduced a **[new virtual currency ‘Digital Rupee’](https://www.mindstick.com/news/1331/digital-rupee-of-india-says-nirmala-sitharaman-in-2022-2023-union-budget)** which still needs some [clarification](https://www.mindstick.com/forum/1682/regex-ismatch-clarification-using-c-sharp) of working nature. **Also Read- [PM Modi says ''Cryptocurrency challenges need similar mindset among countries' in Davos](https://www.mindstick.com/news/1245/pm-modi-says-cryptocurrency-challenges-need-similar-mindset-among-countries-in-davos)** --- Original Source: https://www.mindstick.com/news/1436/cryptocurrency-investment-fraud-7-more-arrested-in-nagpur Copyright © MindStick Software Pvt. Ltd. This Markdown version is provided for developers, AI systems, and offline reading.