TechFlow news, June 20 — According to DL News, Ravindra Kumar, founder of Self Chain, has recently been accused of involvement in a $50 million over-the-counter cryptocurrency scam involving fraudulent token transactions targeting investors. Kumar has firmly denied the allegations on X, calling them "entirely false," and stated that his legal team is preparing a formal response.
Mohammed Waseem, CEO of Indian OTC brokerage Aza Ventures, revealed that his company unknowingly facilitated dozens of fraudulent transactions involving discounted locked tokens from projects such as Sui, Near, Axelar, and Sei.
Waseem has pledged to refund victims but has not yet clarified how this will be achieved. He said he has exhausted his personal funds and contacted Indian authorities, who have confirmed the incident as a Ponzi scheme and committed to assisting with the refund process.
