Indian Law Enforcement Officials Expose Crypto Scammer Group ‘CashCoin’ Who Allegedly Accumulated 1 Billion Rupees


Cryptocurrency scams happen all around the world, as these individuals seek out ways to get the profits that crypto can offer, but without the same efforts.

In a report from Times of India, it looks like law enforcement officials had to crack down on one group in Mumbai, India. The group has been accused of participating in a recent scam that brought them about 1 billion rupees, which is approximately $17 million.

In this case, as investigations have continued, the authorities have frozen multiple accounts and have placed four people in custody. Those suspects are Sanjay Sontakke, Rajnikant Kumavat, Alpesh Barodia, and Kirankumar Panchsara. The new reports indicate that the police believe there is a fifth individual that played a major role in the event as well – Ashok Goyal.

A resident of Surat, Umeshchand Jain, filed the original complaint with authorities, claiming that the subjects stole 10.2 million rupees from him, which is approximately $145,000. In the article, police inspector Sunil Jadhav explained the situation, saying,

“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 five members of the group were responsible for launching Cashcoin last year, which was a fake cryptocurrency. They advertised to investors that involving themselves with this coin would result in double the return on investments.

Right now, the charges expected to be brought against the group include cheating, breach of trust, and criminal conspiracy. However, the lawyers of the group obviously have stated that the arrest shouldn’t have happened at all because their clients are innocent.

Last month, a suspected associate of another crypto-scamming group was arrested by Indian police. This theft is estimated to be about 5 billion rupees, which is about $71.6 million.

Chainalysis recently published a report in January that showed over $36 million in ETH stolen over the course of 2018. This amount was over double the thefts that occurred in 2017.

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