Cryptocurrency Scam rises in Mumbai Several Investors lose their funds

There is an alarming rise in Cryptocurrency scams and thieves are into new and old techniques to rob money. The latest scams involve rug pulls, Ponzi schemes and phishing.

Notably a shocking news is in the air that Ponzi crypto app collected crores and vanished overnight.

Several people have lost their life savings as their funds have been wiped out after their investment in Ece Limited, that ensured people of promised daily, monthly returns.

An ironic news comes to light that Crypto Trading app, Ece Limited, in which thousands of people invested crores of rupees, has not only vanished from app stores, but also ceased functioning since September 26. This came to light after some of the victims approached MIDC police station on Thursday to seek help after losing their investments.

As per One of the victims, Reena Tiwari, she and her family members had invested over Rs 16 lakh since July. Pathetically, when they log in on the app, it reflects zero balance in their account.


Many investors who invested on Ece Limited prior to the app stopped service their account showed zero balance.

Reportedly, Ece Limited, which claimed to be an USA-based firm, had opened two Telegram groups – ECE Indian Community with more than 19,000 members and Ece Official – where they spread their investor base. According to As estimates, the company has decamped with hundreds of crores of rupees.

Many of the victims had used their life’s savings, and some had even taken loans since the app promised high returns.

Soon following the non-operation of the app a number of victims, approached the MIDC police station.

investors from different states such as Gujarat, Madhya Pradesh, Uttar Pradesh, Odisha, etc have also approached their local police stations regarding the matter. MIDC cops recorded the statements of the victims on Thursday.

Thousands of people have been duped by this company, which apart from the Telegram groups,also shared WhatsApp numbers of their customer care staff. Earlier, investors could withdraw the profits on their investments. But, later, they started deducting 5 per cent of the withdrawal amount.

Meanwhile according to the Mumbai Police Cops, the firm in their bid to lure investors, offered high returns and benefits. They also allowed them to withdraw profits. Since it had high returns, several people started investing the profit too. The firm also gave a 200-US dollar bonus to those who got more people to invest in the app.

Pinakin Dave, country manager (India and SAARC region) at OneSpan – a cyber security company, makes it known that anyone desiring to invest through an app, they should first check who owns the app. These details can be found on Play Store or App Store as they require details about the company and owner before making the app available on their platform. One can also find developer information from the app details which can be used to trace them. This can be helpful from an investigative point of view. People also need to check the duration of the app in use.

If the app is new, new app, they should desist from investing in it as it is a clear red flag.

News Input : K.V.Raman