Bollywood actor Shahbaz Khan is soon to be investigated by the Mumbai Crime Branch over his alleged involvement in a crypto scam which is why we are reading more in the latest cryptocurrency news below.
The Mumbai police arrested four people involved in the Cashcoin crypto scam that claimed to be a high return investment program which lured investors into investing about $14.52 million. The scammers even ran seminars around India to sell their schemes. Cashcoin approach Shahbaz Khan who is an extremely popular actor in order to use his influence on social media. He would also attend the seminars and speak how great the project is and how he personally knows the investors. Khan’s face is on multiple YouTube videos where he invites investors to come to a Cashcoin event. A translated excerpt from the video says:
“I will be in Surat on January 5, 2017, for promoting Cashcoin. As we all know that the future belongs to the cashless trend, we also know how much important role cryptocurrencies would play. So, we’ll meet at the event to know more about Cashcoin.”
The police believe Khan received a lot of money for promoting the scam. If the police prove they are right, Khan could face compensation for the investors’ losses and could potentially go to prison for charges of fraud, criminal conspiracy and breach of trust.
Shahbaz Khan’s involvement in crypto scams is not the first in the Bollywood world. Before him, there were actors such as Shilpa Shetty and Zarine Khan who promoted other scam crypto projects. In cases such as this one, the police commissioner said:
“These people have been brand ambassadors for this company, endorsing their products and going for their meetings. We came to know they have received huge remuneration and traveled abroad with the company representatives. This is a serious offense.’’
Other Bollywood actors who got involved in a crypto scam include Vivek Oberoi who is set to play the key role in Prime Minister Narendra Modi’s biopic, also was involved into taking bribes for promoting political parties in India by accepting cryptocurrency as payments.
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