The UBIT Cryptocurrency Trap: Inside Jammu and Kashmir’s Explosive MLM Fraud that’s Draining Millions in Cash.
||Black and White Digital News ||
||Parvinder Singh November 2, 2024||
JAMMU: A shadowy cryptocurrency scheme has been shaking the financial ground in Jammu and Kashmir, particularly in the Jammu region, as innocent investors are being drawn into the clutches of an elaborate multi-level marketing (MLM) scam under the guise of “UBIT cryptocurrency trading.” In a land where dreams of quick returns are preyed upon, this fraudulent scheme is cleverly packaged as a cryptocurrency investment, offering staggering returns of 25% to 30% per month—an allure that’s proving irresistible for many but fraught with deception.
How the UBIT Cryptocurrency Scheme Operates:
The UBIT scam, shrouded in secrecy, has a singular modus operandi: it accepts all investments exclusively in cash, entirely bypassing the banking system. Promoters of the scheme have devised a meticulously crafted MLM model where investors are guaranteed high monthly returns on their cash investments, without the slightest hint of a legitimate product or service behind the operation. Instead, the scheme thrives on luring investors with promises of exorbitant returns and encourages them to bring in more unsuspecting investors.
The allure doesn’t end there. In an effort to cement loyalty and attract a following, leaders of the UBIT scheme regularly hold high-profile meetings in luxurious 5-star hotels, dangling promises of international trips as rewards for top recruiters. The scheme’s high-profile presentation masks the deep-rooted deception, tricking even educated professionals into believing in its legitimacy.
The Inside Scoop: Two Tiers of Entry :
One of our reporters, disguised as a potential investor, infiltrated this underhanded operation to unveil the realities of the UBIT scheme. When approached, the scheme’s leaders offered two main entry options:
1. Premium Entry: An investment of Rs 3,72,000 would create five “IDs” for the investor. In return, the scheme promised Rs 75,000 monthly for the next 16 months.
2. Standard Entry: A Rs 1,00,000 investment, which promised returns of Rs 25,000 per month for the next 10 months.
Each promise was startlingly high, enticing investors to believe in its too-good-to-be-true assurances. The condition? All investments had to be made strictly in cash, with monthly returns also paid in cash, raising profound questions about the scheme’s legality and the black or hawala money flowing through its channels.
A Growing Nexus of Influential Investors :
The UBIT scheme has amassed a growing base of investors, spreading across society’s most educated and trusted ranks. Government employees, doctors, engineers, chartered accountants, and even bureaucrats have reportedly invested in the UBIT cryptocurrency, lured by the promises of substantial and consistent profits. Each day, this underground conglomerate expands its network, pulling in individuals eager to capitalize on their savings, unaware of the dark financial pit they are stepping into.
Hyderabad Police Expose UBIT: A Case That Shocked the Nation :
This burgeoning scam echoes a similar UBIT fraud uncovered in Hyderabad just a few months ago. On September 24, 2024, Hyderabad Police arrested three key figures—Dasari Ramesh (40), Bommidi Dhanunjay (34), and Kiram Venkatesh (31)—for running the very same UBIT cryptocurrency scam in the guise of a multi-level marketing scheme. These arrests revealed a fraud scheme of unprecedented proportions, involving a former Indian Army officer, an excise sub-inspector, a police constable, and two government teachers—all complicit in swindling over 5,000 individuals, with the total scam amount estimated at Rs 50 crore.
Mastermind Revealed: Brij Mohan Singh’s Shocking Role :
The Hyderabad case cracked open another layer of the scheme, as Nirmal SP Dr. G. Janaki Sharmila identified the scheme’s mastermind, Brij Mohan Singh—a repeat offender with a history of fraud across multiple states. Singh is believed to be the orchestrator behind UBIT, crafting an intricate network of transactions to siphon funds from unsuspecting investors while maintaining a facade of legitimacy. As part of their investigation, Hyderabad authorities have since frozen 11 bank accounts linked to the UBIT scam, and are intensifying efforts to identify other assets and sources of black money linked to the fraud.
UBIT’s Imprint in Jammu: Calls for Urgent Action :
Despite the nationwide exposure, UBIT’s stronghold in Jammu and Kashmir remains unabated. Lavish conferences and meetings continue to be organized in the region’s elite hotels, where local agents peddle the false narrative of UBIT cryptocurrency’s massive returns, enticing new recruits with the MLM-style strategy.
Through “Black and White Digital News,” we urge the Union Territory (UT) government and law enforcement to take a firm stand, activate intelligence networks, and clamp down on this spiraling scheme before more middle-class families lose their hard-earned savings. This urgent call to action seeks to prevent UBIT from ensnaring more lives and spreading financial devastation across the region.
Public Alarm: Protecting Innocent Investors :
With UBIT’s aggressive expansion, law enforcement needs to act swiftly. As of now, the lack of product backing, cash-only transactions, and the unattainable returns should be red flags for any would-be investor. We urge potential investors to steer clear of such dubious schemes and demand that the Jammu police and UT government step in decisively.
In the wake of Hyderabad’s arrests and evidence linking UBIT to a larger financial nexus, the local authorities must freeze accounts, conduct thorough investigations, and uncover the truth behind this deeply concerning financial scam.
A Call for Vigilance and Accountability :
In the hands of masterminds and fraudsters, the UBIT cryptocurrency scheme has exploited trust and preyed upon aspirations. With Hyderabad’s revelations, it’s crucial for Jammu and Kashmir’s law enforcement and financial regulators to act swiftly to dismantle this network and shield innocent citizens from financial ruin. Let this story serve as a beacon of awareness for investors—particularly those drawn to the promise of cryptocurrency and high returns—to scrutinize and question, recognizing that even the most alluring promises can sometimes conceal the darkest of scams.
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