Indian police have arrested Kunjathbail Mujib Sayyad in Mangalore, Karnataka, for defrauding over 50 people through the “Max Crypto trading” ponzi scheme. Initiated in late 2022, the scheme promised returns within 150 days via an Android app called the MAX App.
Victims were lured with a two percent commission for each new investor. The scam, claiming connections with big cryptocurrency traders and a UAE headquarters, amassed INR 1.66 crore ($200,000) before vanishing within 50 days. Sayyad faces charges under Sections 420, 406, and 120B of the Indian Penal Code. His accomplices remain at large.
This case highlights the vulnerability of small-time investors in developing nations like India. The Economic Offences Wing is handling the investigation. The incident underscores the need for stronger regulations and public awareness about cryptocurrency scams.
