4 in India charged with running a "fake" cryptocurrency

24 Mar, 2019
by David Borman
News
4 in India charged with running a fake cryptocurrency

It has been reported by the Times of India that 4 people have been arrested in connection with a cryptocurrency scam that sought to steal money from would-be investors.

Recently Mumbai's crime branch arrested Ashok Goyal Jaipuria, Asif Malpani, Baljit Singh Saini and Pradeep Arora in connection with a fake cryptocurrency racket. Ashok Goyal Jaipuria is believed to be the head of the operation.

A prominent Bollywood actor who has been attending seminars for the racket is expected to be questioned by police. One of the victims of the scam, Umeshchand Jain, is quoted in the article:

"The gang launched Cashcoin, a cryptocurrency similar to Bitcoin, a year back, and initially showed profits to few investors and gained their confidence. They thus got more investors and duped them."

Hopefully the people involved in thsi case can be brought to justice and the crypto space can move past another scam. Stick right here with Chepicap for all updates in this compelling case!

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