Kolkata: The cybercrime wing of Bengal Police on Friday launched a probe into operations of cyber fraudsters targeting citizens with Ponzi schemes using cryptocurrency. The total loss in this scam so far had been around Rs 10 crore, said police.The latest complaint was registered at the Bidhannagar Cyber Crime PS on March 27. Fraudsters lured people with Bitcoin’s price rise and high returns on USDT deposits. “Deposits occur on blockchains, making tracking difficult. Each depositor receives a ‘personal’ cryptocurrency wallet via the platform for transfers or sales. But depositors lack control as private keys or seed phrases remain unavailable,” said an officer. The schemes, said cops, followed a multi-level marketing pyramid structure. “New joinees use referral codes to generate commissions for recruiters. Higher levels earn more commissions plus salaries for leaders. Initial returns of 1.5% to 6% per day build trust. Fake websites and apps display inflated profits. Promoters and influencers run training sessions, stage shows, and social media campaigns,” said an officer.Once large amounts accumulate, operators halt returns, withdrawing all USDT, and shut services. “Global links cannot be ruled out,” he said.
