Regulators in UK have issued warnings against such fund and the Financial Conduct Authority (FCA) have warnings issued for both Hyper Fund and Fund Advisor. He had set up multi-level marketing (MLM) scam by luring investors to give him Bitcoins in return for promised higher returns, police had alleged. He has lodged a complaint with the Delhi Police special cell, alleging that he received an extortion call and was asked to pay protection money on September 6, 2021. Bhardwaj, started his own bitcoin mining operations and allegedly cheated more than 8,000 people to the tune of Rs 2,000 crore from across the country. In June 2018, Amit Bhardwaj was arrested at the Delhi Airport by Pune police along with his brother Vivek Bhardwaj in connection with an alleged Ponzi scheme. The RBI has also clarified that it has not given any license/ authorization to any entity/ company to operate or deal with Bitcoin or any virtual currency. The Finance Ministry has clarified that Virtual currencies are also not legal tender. The RBI is planning to launch India's official digital currency- E Rupee soon. In India, the RBI, Union Finance Ministry and SEBI had warned people against cryptocurrency trading. Hyper Fund was announced in mid-2020.Īs per the company website, it is led by Ryan Xu, however, with the Multi-Level Marketing (MLM) model Hyper Fund has been luring investors with higher returns and such offerings, a common practice under Ponzi Schemes, that got the authorities alerted in the first place.Īccording to sources, complaints against such Funds have started pouring in several states. The Group claims to have launched the Hyper Fund to provide a decentralized financial infrastructure. Sources said Hyper Fund, a DEFI by Hyper Tech Group has come under the radar recently. The ministry officials say discussions are underway on who will lead the task force against cryptocurrency transactions and who else will be involved.The government is keeping a close eye on cryptocurrency floating in the market based out of the country following alert that agencies responsible to check financial fraud are watching a company called Hyper Fund. “We have agreed that a task force will be established, even involving the central bank, the Nepal Telecommunications Authority, the Department of Revenue Investigation, all security agencies and concerned bodies under the Ministry of Finance.” Supporting him, Finance Secretary Madhu Kumar Marasini says only one state institution such as the Nepal Police cannot control such crimes now. We need to work on its control from today itself,” Sharma told a meeting of the Central Revenue Leakage Control Committee at the ministry of Wednesday. “We cannot stay silent as many illegal transactions are taking place. Following revelations that some people in Nepal are allegedly found involved in illegal Hyper Fund and other cryptocurrency transactions, the government is preparing to establish a special task force.įinance Minister Janardan Sharma has proposed the task force arguing the transactions seriously affected revenue collection and remittance inflow.
0 Comments
Leave a Reply. |