Crypto Scam: Argentinian Police Detains Two

The subject of cryptocurrencies has continued to gain the attention of Argentineans on a wide scale leading scammers to capitalize on the ignorance of the Argentine population.

Local police in the country have begun active operations to fish out crypto fraudsters, recently clamping down on two individuals operating a pyramid scheme in the Northern province. 

The authorities swung into action after two complaints were made. According to Valle Calchaquí, the operation that led to the arrest of the suspects was triggered by an investigation carried out by the Fourth District Prosecutor’s Office of Santa María. 

The  search for the scammers running the Ponzi scheme named “Intense Live” was initiated after two victims in Santa María reported the fraud to the police. The police, in the course of investigations, recorded two vehicles owned by a victim who transferred them to the scammers as part of the investment. 

The fraud scheme made promises to ignorant investors of 30 percent returns on investment every month. The scheme was believed to be investing in BTC and other digital assets.

Several victims of the scam told the police that the creators of the pyramid had urged them to increase their chances of earning up to $9,600 annually by investing $3,000. This promise was however a mirage as investors were never paid as such.

Argentinian Police to Intensify Efforts to Arrest More Scammers

According to information from Infobae, the arrest of the Intense Live duo is only one in the list of operations the police intend to handle.

In March, the police had arrested eight people in connection with the bogus San Nicolás company. In the last quarter of 2020, the Public Prosecutor’s Office for Complex Crimes of the Argentine city of Córdoba called for the arrest of individuals that ran a ponzi scam called Onechain.

Other countries including Turkey, China and Brazil are taking similar measures to avert further scams from hitting the public. 

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