<p>Bengaluru: A father-son duo allegedly duped approximately 1,400 people out of Rs 6 crore by luring them to invest in a non-existent cryptocurrency, according to the police.</p>.<p>The two, in partnership with another person, operated GG Online Private Ltd on Sampige Road, Malleswaram. They targeted potential investors, promoting a “new-age” cryptocurrency named GGO, named after their company. They also advertised this “product” on social media.</p>.<p>They assured potential investors that GGO would soon be available on cryptocurrency exchanges and could rival the value of Bitcoin, promising lucrative returns to those who got in early.</p>.Cop arrested following Lokayukta raid at Rajajinagar Police Station in Bengaluru.<p>Central Crime Branch (CCB) investigations indicate that the firm amassed between Rs 5-6 crore from about 1,200-1,400 individuals. However, the catch was that the cryptocurrency GGO did not exist.</p>.<p>In a bid to gain trust, the trio offered an additional 15% return on the initial investments to early investors, resulting in positive word-of-mouth that attracted even more investors.</p>.<p>The police suspect that after accumulating a significant amount, the suspects ceased payments to investors. Many did not even receive their initial investments back.</p>.<p>It was eventually unveiled that GGO was either non-existent or worthless if it did exist. The CCB asserts it was a scheme that preyed on unsuspecting investors.</p>.<p>Acting on complaints, CCB officials apprehended the suspects identified as Satish, his son Srikanth, and associate Deepak.</p>
<p>Bengaluru: A father-son duo allegedly duped approximately 1,400 people out of Rs 6 crore by luring them to invest in a non-existent cryptocurrency, according to the police.</p>.<p>The two, in partnership with another person, operated GG Online Private Ltd on Sampige Road, Malleswaram. They targeted potential investors, promoting a “new-age” cryptocurrency named GGO, named after their company. They also advertised this “product” on social media.</p>.<p>They assured potential investors that GGO would soon be available on cryptocurrency exchanges and could rival the value of Bitcoin, promising lucrative returns to those who got in early.</p>.Cop arrested following Lokayukta raid at Rajajinagar Police Station in Bengaluru.<p>Central Crime Branch (CCB) investigations indicate that the firm amassed between Rs 5-6 crore from about 1,200-1,400 individuals. However, the catch was that the cryptocurrency GGO did not exist.</p>.<p>In a bid to gain trust, the trio offered an additional 15% return on the initial investments to early investors, resulting in positive word-of-mouth that attracted even more investors.</p>.<p>The police suspect that after accumulating a significant amount, the suspects ceased payments to investors. Many did not even receive their initial investments back.</p>.<p>It was eventually unveiled that GGO was either non-existent or worthless if it did exist. The CCB asserts it was a scheme that preyed on unsuspecting investors.</p>.<p>Acting on complaints, CCB officials apprehended the suspects identified as Satish, his son Srikanth, and associate Deepak.</p>