By Admin 
The Bangalore Zonal Office of the Enforcement Directorate (ED) has taken action in a large cyber investment fraud and attached an amount of about Rs 7.02 crore. These rupees were frozen in 29 different bank accounts which were opened in the name of many fake companies. This entire scam was carried out through a mobile app named Sharehash.
This app named Sharehash gave people to earn a big profit in the name of cryptocurrency mining. After investing on the app, initially the trust of the people was won by giving some money in return. This was the same old Ponzi scam, in which initially a little money is returned and the remaining amount is submerged. When the number of investors increased and the amount of crores was deposited, then suddenly the app was disappeared from Google Play Store and no response was received from the company.
Scam through these companies
ED investigation revealed that this entire scam was run through many companies, including Cotata Technology PVT. Ltd, Siraleen Tech Solutions Pvt. Ltd, Crampington Technology Pvt. Ltd, Nileen Infotech Pvt. Ltd and moltres exim pvt. Ltd. All these companies were registered through fake KYC in the name of unemployed youth during Covid-19 epidemic. Their registered addresses were either found wrong or closed.
The ED investigation also revealed that the money received in the bank accounts of these companies was transferred to secondary fake companies via payment gateway and from there either taken into cash or invested in the purchase of gold.
ED is investigating the entire network
Not only this, more than 40 bank accounts were used in this scam so that where the money came from and where it went, it could not be tracked. The directors and owners of most companies did not even respond to the ED summons or refused any kind of relations.
ED started this investigation on the basis of FIR registered by Cybercrime Police, Bangalore. This FIR was registered under various sections. At present, a thorough investigation of the case is going on and the ED is investigating the entire network.
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