Co-founder of crypto start-up ‘Nest Wallet’ loses $125K to scam
The co-founder of Nest Wallet -- Bill Lou, was scammed out of $125,000 stEth (a cryptocurrency token) while attempting to claim the $LFG airdrop.
The Economic Offences Wing (EOW) of Odisha police arrested a woman involved in the Purple Qualves Financial Services Pvt. Ltd.” chit fund scam for alleged involvement in defrauding the investors to the tune of Rs 7 crore.
Pallavi Mishra was arrested under relevant sections of IPC, Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and Sec. 6 of Odisha Protection of Interests of Depositors (OPID) Act, 2011. The accused was later remanded to judicial custody by the OPID Court, Cuttack. Earlier, Director of the money circulation company Satyaranjan Hota was arrested and is still in judicial custody, said EOW officials.
The accused persons being the directors of the Bhubaneswar-based company had lured gullible people to invest money in their company for higher interests by investing the amount in share market for lucrative profit.
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Believing in their version, 43 numbers investors had either deposited or invested close to 7 crores of rupees in the Purple Qualves Financial Services Pvt. Ltd. through Bank transaction and by cash.
Initially in order to build confidence amongst the investors, the accused Pallavi Mishra and her husband had made some initial payment as promised to some investors. But, subsequently they failed to return the promised amounts despite repeated requests of the complainants and other investors, and misappropriated the amount.
“Purple Qualves Financial Services Pvt. Ltd. Was not authorized either by RBI or by SEBI to receive the public deposits and also to invest the money in share market. Still then, the company has collected crores of rupees from different investors in the name of investing in share market”, the EOW officials concluded.
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