Another Bitcoin scam surfaces in Malappuram

The residents also said they did not have concrete evidence to prove that they had invested in the company.

Published: 10th September 2019 03:18 AM  |   Last Updated: 10th September 2019 02:23 PM   |  A+A-

Google, Internet scam, Malware

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By Express News Service

MALAPPURAM: Close on the heels of the Rs 485-crore Bitcoin scam in which the founder of the company, Abdul Shukoor, 24, a resident of Pulamanthol, Perinthalmanna, was killed by his partners, another multi-crore Bitcoin scam has surfaced in the same area.

According to residents in Perinthalmanna, the owners of a company named Spaar Trading Agency had collected more than Rs 100 crore from over 250 residents over a couple of years. The residents said the promoters were not responding to the queries of the investors for the past two months.

Also Read: 11 Kerala men, Rs 485 crore and a password hunt that ended in murder

“Many people from Perinthalmanna had invested money in the company. All of us were offered big profits in return when we invested the money. When we demanded our money back, the promoters threatened and abused us. Sometimes, we get threat calls and messages from Gulf countries for approaching police officers. We suspect that most of the shareholders of the company have fled from the state,” a resident of Perinthalmanna said on condition of anonymity.

The residents also said they did not have concrete evidence to prove that they had invested in the company. “We did not transfer the money directly to the company bank account. We transferred it to the friends and relatives of the company owners as per their instruction. We have some evidence with us,” another resident said.

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