Mining crypto

Crypto Fraudsters Dupe Thousands in Kerala With Website – The New Indian Express

Express press service

KOCHI: Selinamma Joseph (60) from Vazhathoppu in Idukki had never heard of cryptocurrency until last year. Now she wishes she hadn’t. It all started in November 2021 when two people representing a company ‘dealfxtrade.com’ approached her and told her about the huge returns she would get by investing in cryptocurrencies through their trading platform: dealfxtrade.

They told her about a Multi-Level Marketing (MLM) investment program that guaranteed a 12% return to new investors she recruited, plus 1.6-2.5% interest on every US dollar that she had invested in the company’s various programs.

Almost eight months later, Selinamma has yet to receive a single penny in return or the Rs 4.5 lakh she invested. In fact, thousands of other investors across the state had no idea after the company’s website, www.dealfxtrade.com, disappeared from the internet without a trace in February.

Turns out they were scammed. The police intervened and identified the main accused as Vinod KK (53 years old), from Mudavoor in Muvattupuzha. A team led by Police Inspector Renjith R booked Vinod under Perumbavoor ASP Anuj Paliwal and launched a detailed investigation into the fraud, the second in state after the “Morris Coin” scam.

“It was the racket led by Vinod who collected money from people for the MLM program. He introduced himself as the president of dealfxtrade in meetings organized to attract investors. The company is not registered and does not have the required approvals by simply showing people the website,” a senior police officer said.

Crypto: the accused also claims to be an investor, denies the link

Selinamma, who attended one of the meetings, said that after the website disappeared, she tried to contact Vinod. “When I went to meet the man who called himself Vinod I was threatened by some people. They said the company was registered in the UK and they didn’t know what had happened to him. J invested my savings there,” she said. , adding that she had filed a complaint with the Idukki police.

The investigation revealed that the money was deposited in the accounts of Vinod and his accomplices and not that of the company. “I transferred the money from my account to that of a certain Nizar who claimed to be Vinod’s employee. I have proof of the transaction,” she said.

Perumbavoor native Senthil Kumar who lost Rs 25 lakh said he too transferred the money to Vinod’s account, not the company’s. “However, several donated money. Many realized they had been duped just a month after the website disappeared,” Kumar said. He said the victims would form a collective to approach the state government.

Meanwhile, Vinod applied to the High Court for early bail after the Court of Sessions rejected his plea. In his petition, Vinod denied the allegations. He claimed he was an investor and had no direct connection to the company.

He also said that he came across the UK-based Deal Fx Trade trading platform while mining Bitcoin and, like others, invested some money there. He also said he only passed on the company’s referral codes to other people for investing in them.

dig deep

The UK government data website (https://find-and-update.companyinformation.service.gov.uk/) for registered companies does not list any company with the name “deaFXtrade”. An analysis of the “dealfxtrade.com” domain by an independent cyber expert revealed that it was hosted on a server of GoDaddy, a web hosting company. The website was last modified on February 18.

Vinod KK under scanner

Agencies like the Intelligence Bureau and the State Special Branch have launched an investigation to check the background of the main defendant Vinod KK. In his plea for early bail, Vinod claimed to have acquired extensive knowledge of crypto mining and offered advisory services to others in cryptocurrency-related investments.

According to details available from local police, Vinod moved to Mudavoor in Muvattupuzha a year ago after buying land from a local resident and building a house there. His neighbors said they didn’t know much about him.

“We don’t know what he is doing. He has no connection with the local population,” said one of his neighbors. Mudavoor (Ward 19) member Mathews Varkey also said he didn’t know much about Vinod. “He claims to run a charity,” he said.

KOCHI: Selinamma Joseph (60) from Vazhathoppu in Idukki had never heard of cryptocurrency until last year. Now she wishes she hadn’t. It all started in November 2021 when two people representing a company ‘dealfxtrade.com’ approached her and told her about the huge returns she would get by investing in cryptocurrencies through their trading platform: dealfxtrade. They told her about a Multi-Level Marketing (MLM) investment program that guaranteed a 12% return to new investors she recruited, plus 1.6-2.5% interest on every US dollar that she had invested in the company’s various programs. Almost eight months later, Selinamma has yet to receive a single penny in return or the Rs 4.5 lakh she invested. In fact, thousands of other investors across the state had no idea after the company’s website, www.dealfxtrade.com, disappeared from the internet without a trace in February. Turns out they were scammed. The police intervened and identified the main accused as Vinod KK (53 years old), from Mudavoor in Muvattupuzha. A team led by Police Inspector Renjith R booked Vinod under Perumbavoor ASP Anuj Paliwal and launched a detailed investigation into the fraud, the second in state after the “Morris Coin” scam. “It was the racket led by Vinod who collected money from people for the MLM program. He introduced himself as the president of dealfxtrade in meetings organized to attract investors. The company is not registered and does not have the required approvals people by just showing them the website,” a senior police officer said. one of the meetings, said that after the site disappeared, she tried to reach Vinod: “When I went to meet the man who called himself Vinod, I was threatened by some people. They said the company was registered in the UK and they did not know what happened to it. I invested my savings in it,” she said, adding that she had filed a complaint with the Idukki police. The investigation revealed that the money was deposited in the accounts of Vinod and his accomplices and not on that of the company. “I transferred the money from my account to that of a certain Nizar who claimed to be an employee of Vinod. I have proof of the transaction”, a- Senthil Kumar from Perumbavoor who lost Rs 25 lakh said he also transferred the money to Vinod’s account, not the company’s. gave money. Many realized that they had been duped only a month after the website disappeared,” Kumar said. He said the victims would form a collective to approach the state government. During this Meanwhile, Vinod petitioned the High Court for early bail after the Court of Sessions denied his plea his petition, V inod denied the allegations. He claimed he was an investor and had no direct connection to the company. He also said that he came across the UK-based trading platform “Deal Fx Trade” while mining Bitcoin and, like others, invested some money there. He also said he only passed on the company’s referral codes to others for investing in them. gov.uk/) for registered companies does not list any company with the name “deaFXtrade”. An analysis of the domain “deafxtrade.com” by an independent cyber expert revealed that it was hosted on a server of GoDaddy, a web hosting company. The website was last modified on February 18. Vinod KK under scanner Agencies such as the Intelligence Bureau and the State Special Branch have launched an investigation to verify the background of the main defendant Vinod KK. In his early bail plea, Vinod claimed to have acquired extensive knowledge of crypto mining and offered advisory services to others in cryptocurrency-related investments. According to details available from local police, Vinod moved to Mudavoor in Muvattupuzha a year ago after buying land from a local resident and building a house there. His neighbors said they didn’t know much about him. “We don’t know what he is doing. He has no connection with the local population,” said one of his neighbors. Mudavoor (Ward 19) member Mathews Varkey also said he didn’t know much about Vinod. “He claims to run a charity,” he said.