Bolangir: Police busted a fake cryptocurrency gang in Bolangir district and arrested seven persons in this connection.
The accused have been identified as Prasant Meher, Dushmanta Meher, Hemant Meher of Balangir, Amiya Pradhan of Balangir, Kumar Pradhan of Balangir, Kishore Deep and Subrat Ojha.
The accused persons have conspired to float a fake cryptocurrency named Dykan coin and formed their exchange to manipulate the same for committing fraud through forgery and laundered the money collected from the investors.
They had formed one Pegmatite and Sustain Pvt Ltd. They developed 1000 crore DYKAN tokens in July 2022 without any blockchain or backing. They listed their company on one crypto exchange in August 2022.
Later, they developed their fake crypto exchange in the name of DYFINEX in April 2023 for trading and stacking their fake cryptocurrencies and for easier manipulation of the coin price.
The accused and their associates persuaded other individuals as investors and formed a chain network by assuring them of exorbitant returns through their coins. They lured large investors through their existing investors to invest in this fake Crypto Currency by incentivizing them through various offers like free Thailand trips, Goa trips etc. on investing large sums in their coins.
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