According to police, the accused, Kamal Vishnoi, set up a bitcoin trading platform and lured several thousand investors into buying bitcoins offered by him. He was offering several plans at 4-5% interest rate on a daily basis. Gupta said the accused promised him a return of 200 bitcoins within the next 30 days. At a meeting at his house, the accused told investors that he could not pay the 5% interest rate, and promised 2% instead. “The investors agreed, as the interest rate would shoot up massively in 90 days.

Source: Indian Express February 25, 2018 00:33 UTC