Fraudulent Rakeeza cryptocurrency tentacles griped, robbed people of Jammu

Scam alert!

• One ex-serviceman who posing himself as Captain retired is engineering all the schemes to fleece the people.
•  The Captain and his team must be investigated to ascertain the authority under which they are soliciting investments in Rakeeza.

RC Sharma Chanakya
Jammu, Aug 07: Authorities are sounding the alarm as a sophisticated scam involving a fraudulent cryptocurrency named Rakeeza has been uncovered in Jammu. The scheme, reminiscent of similar operations in Ladakh, has duped numerous unsuspecting individuals, with estimates suggesting losses exceeding several lakh rupees.
The deceptive scheme: The scam, which has been operating under the guise of a lucrative investment opportunity, has primarily targeted individuals in everyday settings such as tea stalls and local parks. The perpetrators, led by an individual posing as a retired army officer, Captain, have used a variety of tactics to gain the trust of their victims.
For several months, so called Captain and his team frequented Green Belt Park and other popular spots in Jammu, engaging in friendly conversations and offering free tea, coffee, and soft drinks to unsuspecting locals. Their approach was methodical: they first built rapport with individuals, creating a false sense of intimacy and trust.
The Rakeeza Pitch: Once trust was established, the team introduced their investment scheme, promoting Rakeeza as a groundbreaking cryptocurrency with guaranteed returns. They assured potential investors that a modest initial investment of ?10,000 would triple within ten months. To bolster their claims, the scammers presented fake narratives, impressive charts, and testimonials from supposed “satisfied” investors.
The fraudulent nature of Rakeeza was masked by a veneer of legitimacy, with Captain and his associates portraying themselves as successful entrepreneurs with a keen insight into the cryptocurrency market. The scheme’s allure was further amplified by the false promise of quick, substantial financial gains.
The scale of the fraud: The scam was not limited to individual victims; the perpetrators encouraged investors to bring in friends and family, expanding their pool of victims and increasing the amount of money they could siphon. The initial investments appeared to yield returns, which further entrenched the victims’ belief in the scheme’s legitimacy. However, as more people invested and sought to withdraw their funds, they encountered delays, excuses, and evasive responses from the scammers.
As the number of complaints grew, it became evident that the operation was a well-coordinated fraud. The total amount defrauded is still being assessed, but preliminary estimates suggest that several lakh rupees have been stolen from the community.
Government response and investigation: The police, must keep a vigil on such persons who are hell bent to dupe the hard-earn money of innocent people. Financial crime experts and cybercrime units should be pressed to scrutinize the operations of Captain and his team. It is being revealed that the Rakeeza being shown by the so called captain and his team was like a fraudulent venture with no proper cryptocurrency backing, designed purely to exploit and defraud investors.
Authorities are urging anyone who has been affected by the scam to come forward with their reports and evidence. The investigation will be aimed to hold the perpetrators accountable and recover as much of the lost funds as possible.
Call for public awareness: In light of the scam, local officials and consumer protection agencies are emphasizing the importance of financial literacy and vigilance. It will be advisable to the public to be cautious of investment schemes that promise high returns with little risk, particularly those that rely on personal charm and persuasive tactics.