Multi-level crypto fraud: Pune police take custody of ‘mastermind’

Pune investigators said that the company and its directors are facing at least 33 cases across India in which people were promised very high returns on investments in Buxcoin and several seminars were conducted across India to lure potential investors. A First Information Report in the case was registered with the Cyber Crime Police station of Pune City on November 27 in 2021.

A probe revealed that the company had created investment portals and applications linked to a website with various investment plans offering various degrees of returns and accepted large sums of money from people, promising them high returns. The company then stopped functioning without giving its returns to investors and the company directors began absconding. Probe revealed that the firm was operating from Dubai.

After the registration of the case, the Pune police on February 28 last year, arrested Ganesh Sagar from Dwarka area of Delhi. In December last year when Brahmbhatt landed in Goa, he was placed under arrest by Gujarat police for the investigation of cases registered with them. On January 6, the Pune police secured his custody and a court remanded him to custody till December 9.