One arrested in Georgia over ₾90,500 cryptocurrency investment fraud

A man has been arrested in Georgia on suspicion of defrauding several citizens of GEL 90,500 by promising them profits from cryptocurrency trading, the Interior Ministry said on Friday. 

The suspect promised investors that he would generate profits through cryptocurrency trading, pay them the agreed returns and eventually return their principal investments.

Investigators alleged that several citizens transferred varying amounts of money to him under those terms, but he failed to fulfil the agreement and instead fraudulently appropriated a total of GEL 90,500.

The suspect was arrested in the Imereti region. 

The offence carries a prison sentence of up to nine years.