Mumbai Police Arrests Four Suspects In Alleged Crypto Scam Worth $17 Million

The police in Mumbai, India have successfully arrested a group of four people involved in a crypto scam that is worth about $17 million or 1 billion rupees according to the crypto news section in the local media The Times of India.

Four individuals were arrested and have their bank accounts frozen but the police are still looking for a fifth suspect who played one of the most important roles in the scam.

One resident of the Indian city of Surat, Umeshchand Jain filed a complaint after he claimed that the suspect defrauded him of $145,000 or 10.2 million rupees. The police inspector Sunil Jadhav explained further:

 “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.
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Their intention was to cheat.”

The report continues on to state that the group launched a fake cryptocurrency named ‘’Cashcoin’’ in 2018 and was later sold to multiple investors promising high returns and a quick doubling of their investment.

All of the offenses were registered by the city crime branch at the local police station law enforcement claim breach of trust and criminal conspiracy. The lawyers of the defendants, on the other hand, claim for their clients to be innocent and to be wrongly arrested.

In India in the past couple of weeks, multiple arrests were conducted after another group was found and accused of scamming investors for $71.6 million. The analytics company Chainalysis published a report where it says that the value of ETH stolen with scamming reached $36 million last year which is almost double than 2017.