Zx Associates, a Crypto-platform, have been arrested in Mumbai for defrauding buyers.

Mumbai police have appointed the managing director of Coin ZX, an Indian cryptocurrency trading platform that is accused of defrauding investors out of$ 23 million ( Rs. 200 crore ).

The Kasturba Marg police force filed a complaint against Ravi Mahaseth, who is now based in Dubai, as well as five other people who, according to authorities, are connected to the forgery, as reported last year.

According to , an English-language media outlet, concerns about Coin ZX first surfaced in January 2023One 25-year-old gentleman said at the moment that he had invested only over$ 5, 000 in Coin ZX after attending a seminar on multi-level advertising.

The gentleman, Mohammad Arif, informed officers that members of Coin ZX told him the system had invest his money into Bitcoin, and that he would be able to withdraw his investment—including profit—after six weeks.

Officials in Hyderabad filed a case against Mahaseth and Coin ZX scarcely two weeks ago, according to reports from Mumbai authorities that Coin ZX had defrauded people all over India.

In this special occasion, one plaintiff reported that he was introduced to Coin ZX by one of Mahaseth’s partners, Ramesh Puri, and that after investing around$ 1, 300 he received results from Coin ZX for a period of four weeks.

The victim also encouraged friends and family to put money into Coin ZX’s investment scheme, with his contacts investing anything from$ 1, 150 to$ 13, 800 ( Rs 1 lakh to Rs 12 lakh ).

However, after four months, the payments to investors stopped, and Coin ZX later confirmed that it was due to a complex problem.

The company promised to give buyers a four-month return time and that all outstanding payments may be made within a 20-month window.

But, the Hyderabad Central Crime Station’s initial data report states both of these assertions were false, and that Coin ZX shut down operations before many buyers realized the truth.

According to Sections 406, 420, and 120-B of the Indian Penal Code, which relate to legal breaches of faith and misappropriation of funds, authorities in Hyderabad have booked Mahaseth, Puri, and a number of people.

But, at some point after the first complaints against Coin ZX, Ravi Mahaseth relocated to Dubai, in the UAE.

The UAE and India do have an abduction convention, but Mahaseth’s precise whereabouts are currently unknown.

His location is still not disclosed on his Facebook and Instagram accounts, but his LinkedIn report also lists him as residing in Mumbai.

His Instagram does have a post from Dubai, where he evidently attended the “4th International Convention” of VitnixX Ai, which does appear to be his latest car.

Additionally, according to reports, Mahaseth had worked for another expenditure companies, including Samruddhi Multi Trade Pvt Ltd., Smart Bull, Smart X, and FX &amp.

In recent years, cryptocurrency fraud has become a major issue in India, with the Asian nation coming in fifth place in 2023 in terms of the number of complaints relating to it ( 84 ) and sixth in terms of the total volume lost ($ 44 million ).

Chirag Tomar, an Indian national, was sentenced to five years in prison in the US after being found guilty of using spoofed Paypal sites to take more than$ 20 million, just recently, when India’s Enforcement Directorate conducted a raid on many businesses.

And last week, Indian authorities seized$ 190 million in stolen cryptocurrency as part of the notorious BitConnect Ponzi scheme, which Satish Kumbhani of Hemal, India founded in 2016, and defrauded investors of Bitcoin, which is now worth more than$ 30 billion.