KashhCoin Crypto MLM Ponzi Founder Asif Malkani Arrested In Delhi for KASHH Investor Fraud
Asif Ashrak Malkani, the man behind the allegedly fraudulent Kashh Coin, has been arrested by India’s Delhi Crime Branch. Notably, Malkani has been on the run for over 9 months, evading authorities ever since his associate was taken into custody in 2017.
Two years ago, Malkani and others had launched a fictitious currency called ‘Kassh Coin’ at a grand function held at a farmhouse Chhatarpur and had called in Bollywood celebrities and models to perform and market the coin. It wasn’t too long when the organizers ran away with the money.
Suspicions about Kashh Coin surfaced after an investor filed a complaint against the token, claiming to have been robbed of $33,000 USD. Following the complaint, the cyber cell initiated a cross-state investigation, leading to the arrest of Sonu Dahiya, an associate of Malkani.
During interrogation, Dahiya — aka Narendra — told authorities Kashh Coin was built as a Ponzi scheme, adding that Malkani was the architect of the entire operation. Following Dahiya’s interrogation, Crime Branch DCP Bhisham Singh said:
“Malkani and his associates also organize lavish seminars in different places, including Nepal, Mumbai, Gujarat, Chandigarh, Raipur, and Nagpur, for business promotion. At these seminars, they would claim that the rate of this coin will cross the cost of Bitcoin.”
Not satisfied with scamming people through just one cryptocurrency, Malkani was gearing up to launch a new MLM shitcoin. Malkani’s new scam was going to be called V-Tube, some sort of video streaming service tied to a yet to be launched V-flix altcoin. Interrogation of Malkani also revealed that prior to launching KashhCoin he was involved in the Unetenet Ponzi scheme. Unetenet originally launched in 2013 and solicited investment in “franchises”, on the promise of a weekly ROI.
This scam shares many similarities with the activities of Amit Bhardwaj, India’s most infamous crypto fraudster. In April 2018, Bhardwaj was arrested in Bangkok after escaping arrest for months. Bhardwaj turned multiple Ponzi schemes, using paid celebrity endorsements to market them to potential victims. Reportedly, Bhardwaj has agreed to compensate victims of his schemes.