Indian police raid cryptocurrency mining farm funded by Ponzi scheme

Bianews reported on May 9 that Indian police raided a 4,000-square-foot complex in Dehradun where cryptocurrency mining was taking place. The raid took place on April 25, and the owners of the mine, Kamal Singh and Vijay Kumar, were arrested and will be accused of raising 10 billion rupees (about 14.9 million U.S. dollars) through an illegal Ponzi scheme promoted by bits2btc.com.

Local reports said police found “more than 100” Ethereum mining rigs consisting of “high-performance computer processors, 500 graphics cards and servers.” The mine’s owner reportedly “told curious neighbors that the mine was a computer processor unit and servers from a large company.”