Law enforcement agencies of Mumbai was identified and arrested four scammers and are looking for their leader, under whose leadership the group has been able to usurp more than 1 billion rupees ($17 million) of residents of the Indian state of Gujarat under the guise of attracting investments into supposedly they created crypto-currency Cashcoin.
Crooks met with potential victims in several cities and convinced to invest in the project to double within two months. Some of the first participants in the scheme, they do have to pay interest, but the bulk of the depositors were left with nothing.
A businessman from Surat city of Homescan Jain (Jain Umeshchand) gave the scammers the means to 10.2 million rupees (about $145 thousand) and called the police when he realized that he had been deceived, and led to the arrests. However, the detainees ‘ lawyer claims that his players are innocent and were falsely arrested, and articles 419, 420, 406 and 409 of the Indian Penal code (fraud and violation of the Trustee, including an employee of the Bank and their obligations) do not apply to them, because every transaction they conducted with pay for checks.
Recall that major Indian banks accept customers from the obligation not to participate in transactions associated with cryptocurrency trading, threatening to lock accounts without warning. Last year after a complaint filed by 50 investors, in India was arrested two organizers of this fraudulent scheme to create fake cryptocurrency Ripple Future. Their company has been able to attract nearly 1,800 300 million Indian rupees (about us $4.4 million). In addition, he was arrested the Creator of the cloud-based platform for trading bitcoins & mining GainBitcoin, who was accused of involvement in the financial pyramid 8000 investors, which led to overall losses for 2000 rupees ($300 million).