The people behind “Cashcoin,” a counterfeit cryptocurrency, were arrested, according to reports on February 17, 2019, for defrauding over $ 17 million in investors in Mumbai, India.
Crypto and the gang
As the general public and world government become more aware of cryptocurrency and how it works, tracking down crypto criminals becomes more and more effective. The same month that the FCA problematic As a fraud warning, Mumbai law enforcement agencies have arrested a gang of criminals who specialize in cryptocurrency reported on February 17, 2019.
Four people were reportedly arrested for participating in a program targeting people in Mumbai, Surat, Gujarat and Uttar Pradesh and earning around US $ 17 million.
The gang carried out their crime by introducing a cryptocurrency called cashcoin and promising huge profits to investors. The perpetrators are now charged with fraud, breach of trust, criminal conspiracy under the Indian Criminal Code and sections of the Information Technology Act.
Sanjay Sontakke, Rajnikant Kumavat, Alpesh Barodia and Kirankumar Panchsara were Another man, Ashok Goyal, is visited by the police.
Investigations into the program began when Umeshchand Jain, a Surat resident, told police that the criminals had cheated on him with $ 145,000.
According to the police report by Police Inspector Sunil Jadhav, the criminals won the trust of investors by first repaying the promised interest and then running away with their money.
“The defendant held meetings in Mumbai, Surat and other parts of Gujarat and enticed people to invest their hard-earned money by promising to double it in two months. First, the gang paid back a few investors to attract more people, and then fell behind. They wanted to cheat, ”the report says said.
Ajay Dubey, the defendant’s attorney, has preserved his innocence and insists that his clients did nothing wrong.
“My clients are innocent and have been wrongly arrested. Sections 419, 420, 406 and 409 of India’s Criminal Code are not applicable in this case as no one has been defrauded as all transactions are made in check payment, “he said said.
A criminal matter
Like all things money-related, cryptocurrency is plagued by criminals who want to take advantage of others. Some of the most common crypto-related scams are: SIM exchange and chop in accounts and exchanges.
Fortunately, law enforcement agencies are becoming more adept at catching such criminals, and crypto users are becoming more sensitive to fraud.
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