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

Image for representational purpose only.

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.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp