Ali Jamal Qaduri, a spokesperson f Garmian police, told Kurdsat English, "A man born in 1996 was arrested on three charges."


Garmian police noted that the 26-year-old man had admitted to going bankrupt. The spokesperson added, “the young man took $180,000 from citizens and told them he would invest it in cryptocurrency and then pay them back.” According to complainers, he did not pay them back and failed to make any profit when he invested the money he collected from people.

 

"Others might sue him, because so far only three victims have taken to the police, and many others have given him money, according to the people engaged with him, he has collected close to a million US dollars," KurdSat English reporter noted. 


In the past few years, many people claiming to raise funds have convinced the masses to grant them their money in exchange for a significant profit in the short term. Notably, Sleman Halsho from Raparin district raised over US $15 million from the people of the region and two years later admitted going bankrupt.