Standard Chartered Bank Manager Arrested In India Due To Kashhcoin Cryptocurrency Scam


“Hire expensive lounges and hotels to hold meetups and meetings’. ‘Invite Bollywood’s top celebrities (who know nothing about crypto) to the shows and meetups’. ‘Shill the token and set a low buying price to lure potential investors’. ‘Promise of guaranteed 10% returns on investment for the next five years’.” All these factors show that Kashcoin is a scam.

India’s financial regulators have been tough on cryptocurrencies in the past year as lawmakers proposed a bill to fine those dealing with cryptocurrencies and further discouraged the citizens from participating in the digital assets. This has however not stopped one bank manager in India from scamming investors through a cryptocurrency project, Kashcoin, which never took off.

Earlier on Tuesday this week, police reports from New Delhi confirmed the arrest of Sandeep Singh Dua, a private bank manager currently plying his trade at Standard Chartered Bank in Gurugram. Mr. Dua is accused of multiple financial frauds and the Kashcoin scam to which he confessed during his interrogation.

Dua further confessed to his crimes as an active member of gang cheats and businessmen who opened up shell companies to launder money, complete dubious transactions and avoid taxes.

The cases of cryptocurrency scams are becoming more and more prevalent as the industry gains mainstream attention in the public space. Investors rush to select the ‘next Bitcoin’ without the proper due diligence which leads to losses and failed investments.

“They collected public money through several bank accounts including the accounts of Jaipuria Buildcon Pvt Ltd, the company of Ashok Goel, Sunil Kumar and Pradeep Arora. They later disclosed the name of Dua in the conspiracy,” – AK Singla, Commissioner of Police, Crime Branch

This particular case was uncovered by an investor, Arun Kumar, in August 2017. He alleges the company defrauded him into buying Rs. 14,900,000 ($22,000 USD) worth of Kashcoin, which are currently worthless.

This led to the arrest of Dua and seven other perpetrators identified as Narender, Asif Malkani, Baljeet Singh Saini, Pradeep Arora, Sunil Kumar, Puneet Mahindru and Ashok Goel. The accomplices are also accused of enabling financial fraud as they all participated in the cryptocurrency scam.

The Kashcoin Scam Network

If you have been in the cryptocurrency market long enough, you recognize the scams more often than not. Most of the token, ICO and exchange scams in the market are targeted for the newbies and novices in the market who focus on the possible profits from the new token more than the actual project. This is the trap that Kashcoin scammers used on their prey.

Furthermore, in 2018, Asif Ashraf Malkani, the mastermind thought to be behind Kashcoin was arrested, the Times of India reported.

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