Maharashtra: 31 people lose money on crypto cloud mining app

Thirty one people from Solapur city in Maharashtra have allegedly been cheated of Rs 45 lakh after they made investments through a crypto cloud mining app, police said citing complaints.

Cloud mining is a mechanism to mine a cryptocurrency, such as bitcoin, using rented cloud computing power and without having to install and directly run the hardware and related software.

“The investors were asked to download the CCH Cloud Miner App and the crypto trading app. They were asked to convert their Indian currency into dollars using the crypto trading app and were made to invest in the CCH Cloud Miner App,” a police official said on Tuesday.