The crypto trading app, ECE Limited, in which thousands of people invested crores of rupees, has disappeared from app stores
Cops say people must do their research before investing in any scheme
The MIDC police registered an FIR against the unknown owner of the ECE Limited app (ERA CAPITAL EARNING LIMITED) on Sunday. According to the police, the crypto trading app, ECE Limited, where thousands of people invested crores of rupees, has not only disappeared from app stores, but also stopped functioning since September 26.
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This came to light after Reena Tiwari, her sister Ruchi Pandey, 31, (their family together lost around R16 lakh) and some other victims approached the MIDC police last Wednesday seeking help after losing their investments. “On the complaint of Pandey, we have registered a case under Sections 417 [punishment for cheating) and 420 [Cheating and dishonestly inducing delivery of property] of IPC against the unknown owner of the ECE app [ERA CAPITAL EARNING LIMITED],” said an officer from MIDC police station.
Also Read: Mumbai: Ponzi crypto app collects crores and vanishes overnight
During the lockdown and pandemic restrictions, many people’s businesses came to a standstill, and jobs were lost. After this situation, the police said people were looking for work and many frauds came to the fore. People cheated citizens by luring them into schemes to make more profit in a short time.
“These fraudsters were working in such a clever and well-planned manner, that in the initial days they even gave profits to people on the amounts invested by them. When they won the trust of the people, they insisted they get others to invest and finally fled with everyone’s hard-earned money,” said an officer from MIDC police station.
“These days people are falling prey to thugs who use similar modus operandi. We request people to do their research thoroughly before investing anywhere. We have sent letters to the banks and wallets and asked them to provide information of where the complainant had transferred the amount via UPI,” he added.
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