Mumbai Police Nabs 4 More in 100 Crore Fake Crypto Racket and Cashcoin Ponzi Scheme


The city crime branch of Delhi, India has held four more persons into the fake cryptocurrency racket busted last month.

The unit XII of Crime branch arrested Ashok Goyal Jaipuria, Asif Malpani, Pradeep Arora, and Baljit Singh Saini from Delhi on Monday in a Rs 100 crore ($14.5 million US Dollar) Racket.

Police have frozen several accounts of the mastermind of this racket, Ashok Goyal Jaipuria and are further probing into the case.

Just last month, the crime branch had arrested Alpesh Barodia (32), KiranKumar Panchsara (38), Sanjay Sontakke (44), and Rajnikant Kumavat (46) from Surat, Uttar Pradesh, and Mumbai.

A Bollywood actor is also likely to be questioned as the actor attended the seminars and promotions for the accused in this fake cryptocurrency.

Umeshchand Jain, a resident of Surat, said that the accused held countrywide seminars and lured people to invest on the promises that the invested amount would shoot up. He further alleged that the accused duped him of Rs 1.5 crore ($218,250 US Dollars).

The intention of the gang was to cheat the investors by promising them to double their investments, explained unit XII senior inspector Sunil Jadhav.

“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,”

said inspector Jadhav.

The case has been registered by the Crime branch under the offense of cheating, criminal conspiracy, and breach of trust under the sections of Information Technology Act and Indian Penal Code. It is also expected that the police may solicit the provisions of Maharashtra Protection of Interest of Depositors Act and Chit Funds Act as well.

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