A fraud case worth Rs 15 crore has been filed against Bit Fountain Trade's director.

Lucknow: Bit Fountain Trade Private Limited (CTS Cola) director Sameer Kesari is facing a Rs 15 crore fraud charge for allegedly misleading investors with false claims of cryptocurrency profits.

Cyber News Feb 8, 2025 0 29 Add to Reading List

A fraud case worth Rs 15 crore has been filed against Bit Fountain Trade's director.

Bit Fountain Trade Private Limited (CTS Cola) director Sameer Kesari is facing a Rs 15 crore fraud charge for allegedly misleading investors with false claims of cryptocurrency profits. Manish Srivastava, a corporate agent, filed the FIR at the Cyber Crime Police Station, alleging that Kesari had fled to Dubai after cheating investors. The matter is being investigated by the police.

Crypto Profits Entice Investors

Manish, who lives in the BBD Green neighborhood, stated that he was an agent for CTS Cola, which has its headquarters at Greenwood Villa in Sushant Golf City. He claimed that Sameer Kesari and his partners, MK Rai, Govind Kumar, Charit Munda, and Ram Bhajan Munda, lured investors with the promise that their cryptocurrency investments would quadruple their money in a year and a half.

Furthermore, money was purportedly obtained through a number of methods, such as club memberships, land investments, tour and travel agencies, and educational portals. The corporation sponsored investor tour packages, provided pricey presents, and held seminars in upscale hotels in an effort to win their trust.

Promoters Run Away to Dubai After Investors Are Tricked

Manish claimed that when a blockchain product was first planned for release in March 2023, investors were promised rewards. But the debut was constantly delayed, and by May 2023, the business had moved its headquarters to Dubai. Investors were left stranded when the directors and promoters vanished shortly after.

Previous Criminal History Sameer

Kesariwas previously arrested and imprisoned by the Special Task Force (STF) in October 2024. He has several cases in Lucknow and Prayagraj. Prior to CTS Cola, Kesari ran Angela Agrotech Private Limited, which used Ruby Coin to swindle investors out of Rs 150 crore. Additionally, it has been claimed that in order to deceive investors, the directors of CTS Cola designed a blockchain website that looked like a government portal. Authorities are trying to find the accused as part of the continuing police investigation.