BENGALURU: Three men, including a man and his son, have been arrested by the Central Crime Branch (CCB) police for allegedly defrauding the public through a fraudulent investment scheme involving a cryptocurrency firm named GGO.
The accused, Satish, his son Srikant and Deepak had been running the company, GG Online Private Limited, on Sampige Road in Malleshwaram. They allegedly cheated over 1,300 people of Rs 5-6 crore promising high returns.
Police said their modus operandi involved luring people into investing on GGO cryptocurrency claiming that the prospect of this cryptocurrency, once listed on international exchanges, would change and fetch high returns, potentially matching the value of Bitcoin.
“The accused gained the trust of the investors by paying them a 15% daily returns initially as a reward for their investments. The fraud scheme gained traction after their investors publicised the scheme through social media platforms and also made their family members, friends and relatives to invest on the same,” the police said. Further investigations are on.