Crime branch in the city of Mumbai, India’s has caught a gang who were involved in crypto racket worth 14 Million USD (Rs 100 crore).

According to Local Media TOI, Crypto Investors from Indian cities like Mumbai, Uttar Pradesh, Gujarat and Surat have been cheated in investing on cryptocurrency. After investigation four fraudsters have been arrested by the crime branch till now.

The fraudsters had created a cryptocurrency called Cashcoin. And lured the investors to buy the cryptocurrency lying that their money will be doubled.

The four accused were arrested in arrested from Surat, Mumbai and Uttar Pradesh in India. The complaint was registered by Umeshchand Jain, from Surat, India who was cheated for 168,000 USD (1.2 crores)

Police inspector Sunil Jadhav said that,

“The accused held meetings in Mumbai, Surat and other parts of Gujarat, and lured people into investing their hard-earned money by promising to double it in two months. Initially, the gang repaid a few investors to lure more people in and then defaulted. Their intention was to cheat,”

The Crime Branch has registered a complaint against the accused on breach of trust, cheating, criminal conspiracy under the Indian Penal Code and sections.

Now the police have frozen some of the accounts in different states of India because the fraudsters had transferred the money into different accounts across the country.

But the advocate of the accused says that his clients have not committed any crime and have wrongly been arrested.

What do you think of this crypto fraud in India? Share your thoughts in the comments below

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