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A class action lawsuit has reportedly been filed against a cryptocurrency scam that defrauded many Indian investors. The scam, advertised in three Indian languages, attracts investors by promising a return on investment of up to 900%. T.The Delhi court has sent a notice to major newspapers calling on victims of this fraud to come forward.
Class action lawsuit against a crypto scam in India
A representative lawsuit has reportedly been filed to prevent cryptocurrency scams from continuing to defraud Indian investors. The Delhi court last week sent a notice to leading Indian newspapers urging victims of the fraud to come forward.
Lawyer Nipun Saxena filed the lawsuit on behalf of various Indian citizens who said they were defrauded by a company called IQ Option, local media reported. This platform aims to enable users to trade stocks, forex, options, and cryptocurrencies. Its website lists 26 cryptos, including Bitcoin (BTC), Ether (ETH), stellar (XLM) and bitcoin cash (BCH). “Financial products offered by the company include contracts for difference (‘CFDs’) and other complex financial products,” the company said.
According to its website, IQ Option has over 48 million registered users from 189 different countries including India. The website is owned and operated by IQ Option Europe Ltd. registered in Cyprus. and St. Vincent and the Grenadine-registered IQ Option Ltd. managed. Advocate Saxena was quoted in The Leaflet as saying:
The platform uses three Indian languages, Hindi, English, and Bangla to target Indian customers.
The program attracts investors with delicious promises such as a return of up to 900%. Only a small initial investment of $ 1 is required to participate in the program.
The attorney stated that there are hidden fees on the platform, including a 2% fee for every withdrawal. However, after paying the fee, customers stated that they still couldn’t withdraw funds because the website asks for their credentials and then presented a series of error messages.
The lawsuit aims for a permanent disposition against the scammers and blocks all websites and mobile apps used for this scam in India. The lawsuit also seeks an injunction to prevent the defendants from doing any future business in India.
Attorney Saxena believes there are thousands of other victims across India who have been betrayed by this scam. Many people outside of India have also reported IQ Option as a scam.
What do you think of this crypto scam? Let us know in the comments below.
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