Harpreet Singh Sahni Faces 24 Years for Alleged Crypto Fraud

Live Bitcoin News
Live Bitcoin News November 3, 2020
Updated 2020/11/03 at 9:03 AM
4 Min Read

Harpreet Singh Sahni – a socialite from India – has admitted to being involved in a rather large cryptocurrency scam… One that’s cheated people out of roughly $50 million.

Sahni Knowingly Took Part in a Scam

As of late, the world is witnessing its fair share of malicious crypto activity. Among the latest examples include a crypto scam that overtook the campaign website for current US President Donald Trump, who is presently up for re-election in about 24 hours.

Malicious actors took over the site and posted a fake message claiming that Donald Trump had shady business dealings and had been involved in financial crimes. For those interesting in learning more about those crimes, they were advised to fork over Monero.

It took only about 30 minutes for those in charge of Trump’s campaign to remove the hacker(s) from the website. An investigation is now underway.

At 45 years of age, Sahni got involved in cryptocurrency three years ago when the price of bitcoin and several other altcoins were reaching their all-time highs. During this period, bitcoin shot up to about $20,000 per unit, though it has since lost a few thousand and is presently trading for just under $14,000 at the time of writing.

One of his first major jobs in the crypto space was running the operations of an Australian venture that sold crypto to would-be investors. Sadly, this company turned out be a major scam, and even sadder was that Sahni knew it was fraudulent from the very beginning. Police authorities in India believe that the company has taken roughly $50 million from those who got involved.

One of Sahni’s biggest tasks was to provide PowerPoint presentations to those who were interested in investing. He would sit in a large room with several people interested in the notion of establishing wealth in the world of crypto and would shout things at them like:

This is the safest investment on the Earth right now! This is the bloody future!

The main job was to promote a new digital asset that the company was calling “Plus Gold Union Coin” or PGUC. He also told many potential individuals that the currency earned him anywhere between $5,000 and $8,000 per day. Those who joined up and brought other traders onboard would be given lavish gifts such as trips abroad and heavy commissions.

Outright Theft

It wasn’t long before people were taken in by the currency, and investors from over 20 different countries soon found themselves buying PGUC. However, the website would often go down for lengthy periods, and there was no way for users to extract their money if they wanted to. It wasn’t long before the crypto world came crashing down, and many users reported to authorities that they had been victimized by a massive robbery.

Sanhi now faces roughly 24 years in prison and is set to be sentenced on November 25.

The post Harpreet Singh Sahni Faces 24 Years for Alleged Crypto Fraud appeared first on Live Bitcoin News.

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