Eight People Were Already Arrested In India As Individuals Allegedly Involved In Crypto Scam Worth of $14.5M

With the rise of Bitcoin cryptocurrency, many traders regret not having invested in it a long time ago and therefore, they are afraid of missing a second Bitcoin. Traders greed is what scammers are taking advantage of. However, how not to get involved in a crypto scam if it is promoted by influential people, as it happened in the city of Mumbai, India.

According to the local news, a group of men allegedly committed a crime having embezzled about $14.5 million from local investors. They were promoting a special cryptocurrency Cashcoin on different seminars and conferences throughout India. Interestingly, one Bollywood actor also took part in the crypto scheme.

The crime department of Mumbai managed to crack down a crypto scam scheme and even arrest the “kingpin” – the main individual involved in the crypto scheme. Last month the crime branch arrested four men who were involved into crypto scam: Rajnikant Kumawat, Alpesh Barodia, Sanjay Sontakke, and Kirankumar Panchsara.

This month the Indian police have arrested four more men, including Ashok Goyal Jaipuria, Asif Malpani, Baljit Singh Saini, and Pradeep Arora, in New Delhi. The police authorities have frozen bank accounts of the accused, especially Goyal’s who is considered to be the main one.

According to the words of Sunil Jadhav, the senior inspector of unit XII:

“The gang launched Cashcoin, a cryptocurrency similar to Bitcoin, a year back, and initially showed profits to few investors and gained their confidence. They thus got more investors and duped them.”

In addition, Jadhav stated that the gang had planned to cheat the victims by promising them a double return. The police registered the crime involving “breach of trust, criminal conspiracy under Indian Penal Code and sections of Information Technology Act.”

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