Bitbank Crypto Fraud Uncovered: Delhi Police Arrest Ludhiana Man

The Delhi Police cyber cell has cracked down on major crypto scam, Bitbank Crypto Fraud that cheated people across states. Fraudsters built a fake cryptocurrency trading app called Bitbank to trap people. Victims were promised high profits, but in reality, they lost their money.

Source: X

Case Highlights: Bitbank Crypto Scam

• Scam Method: The trick was simple, allow users to withdraw only a tiny portion of funds while demanding investment to release the rest. False profit charts were also displayed on the app to manipulate users' trust.

• Promoted on Social Media: Bad Actors ran aggressive promotions on Facebook and Whatsapp. Victims were convinced to download the app, believing it was to trade cryptocurrency.

• Victim Lost Over ₹31 Lakh: One Delhi resident reported losing ₹31 Lakh (around $36,000). He was repeatedly asked to deposit higher amounts to unlock full profits but eventually realized he had been trapped.

• Accused arrested in Punjab: Police arrested a 42-year-old businessman from Ludhiana, Punjab. He was caught while trying to withdraw money from an ATM and later confessed to being part of the scam.

• International Links Found: The accused’s phone log revealed that several number numbers connected to the scam were active in Cambodia. This confirms the cross-border ties.

Crypto Scams in India and Worldwide

The Bitbank crypto-scam is merely one example. These are occurring all over:

• India: There have been several scams, particularly in bull phases. Even the bigwigs like Raj Kundra find themselves embroiled in a ₹60 crore Bitcoin scam with the accusations of concealing Bitcoins of late scam kingpin Amit Bhardwaj.

• UK: Entrepreneur Zhimin Qian, better known as Yadi Zhang, operated one of the largest scams in the world, pilfering billions in China. London authorities confiscated more than 61,000 Bitcoins valued at £5 billion.

• China: Nine individuals were imprisoned after a fraud network defrauded Indian nationals through imitation investment offers. They received sentences ranging from 5 to 15 years.

Is Crypto a Danger or We are Too Blind

While many people blame crypto - itself, the real danger often comes from how we use it. Blockchain technology is transparent and secure by design, but scams thrive because of fake apps, unregulated schemes, and blind trust in promises of quick riches.

Our lack of awareness and greed makes us fall for unrealistic returns. In truth, cypto-technology can be safe and powerful when used wisely, but without education and caution, we remain too blind to spot the traps.

What Should We Do?

• Always use trusted exchanges (Binance, CoinDCX, Coinbase, etc.).

• Verify apps before downloading, check reviews and official websites.
  Never believe in “guaranteed profits” or “too good to be true” schemes.

• Stay updated with police advisories on cyber fraud.

• Learn the basics of blockchain and crypto-security.
  

Conclusion

The Bitbank crypto scam is another reminder that while cryptocurrency is the future of finance, it is also a playground for scammers. Investors must stay alert, double-check every platform, and never chase unrealistic returns.

Crypto-Technology itself is not a scam, but without awareness and regulations, scammers will keep finding victims. The best defense is education, caution, and using only trusted platforms.