Two Indian-origin Canadian nationals indicted for bitcoin fraud
Two Indian-origin Canadian nationals have been charged on various counts in a bitcoin fraud case where they used social media platform Twitter to transfer hundreds of thousands of dollars worth of virtual money in their accounts.
Karanjit Singh Khatkar, 23, and Jagroop Singh Khatkar, 24, of Surrey would face one count each of conspiracy to commit wire fraud and money laundering, five counts of wire fraud, three counts of aggravated identity theft and multiple counts of money laundering.
The case involves the duo tricking an Oregon-based woman in transferring her bitcoins worth approximately USD 233,220 into their account.
Bitcoin is a digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
According to the indictment, beginning in October 2017 and continuing until August 2018, the defendants used a fraudulent Twitter account with the name @HitBTCAssist to trick the ...