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An armed robbery in India Crypto Space has resulted in the loss of approximately $267,000

Local media stated that an Indian auto parts dealer was the victim of a US$267,000 cryptocurrency scam after local police closed the case on what turned out to be a hoax call on Friday.

Vinay Jain, 29, told police on Saturday that he was robbed by the accused, who promised him high profits on cryptocurrency investments.

From his family savings, Jain prepared 2 crore rupees, or about US$267,000, which he handed over to the culprits to be credited to his crypto account.

Jain was beaten and robbed, prompting a call to local police for an armed robbery. However, no victim was found on the day of the call.

Cryptocurrency scams are on the rise in India, according to Chainalysis data sourced by Livemint. Indians visited crypto scam websites 17.8 million times in 2020 and 9.6 million times in 2021.

At least eight people have been charged with armed robbery in connection with the case.

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