Colombo, October 30: On Sunday, Sri Lanka arrested a Chinese couple and a local for over LKR 14 billion in a cryptocurrency scam. CID’s Financial and Commercial Crimes Bureau has arrested three people for running a massive cryptocurrency scam worth around LKR 14 billion (USD 37,891,504), Sunday Island Online reported.

Police said the scam was perpetrated by a Chinese couple along with a Lankan man identified as Lamahewage Shamal Keerthi Bandara. The Chinese couple were arrested at Katunayake International Airport and a police spokesman said 8,000 people had been defrauded by these scammers, Sunday Island Online reported. Cryptocurrency Fraud: Indian national Nikhil Wahi, arrested in US for first crypto insider trading scheme, pleads guilty.

According to the police, Bandara started defrauding people in 2020 from an office set up in the World Trade Center in Colombo. The three criminals defrauded unsuspecting individuals by promising them high returns on crypto investments, Sunday Island Online reported. Haryana: Four arrested for alleged cryptocurrency scam in Ambala, investigation underway.

The suspects engaged in discussions with potential investors at various five-star hotels in Colombo and persuaded the victims to join the pyramid scheme scam.

The suspects created a special app for the scheme that showed investors almost five times the profit on their cryptocurrency investments, but they were unable to enjoy the profits, Sunday Island Online reported.

(This is an unedited and auto-generated story from a Syndicated News Channel, LatestLY staff may not have modified or edited the body of the content)

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