Indian Police Arrest ‘Cashcoin’ Gang Accused of Scamming Millions From Investors
Four people have been arrested in relation to the scam, which saw investors swindled out of nearly $14 million. The Times of India reports that those arrested are Sanjay Sontakke, 44; Rajnikant Kumavat, 46; Alpesh Barodia, 32; and Kirankumar Panchsara, 38. The four suspects allegedly launched Cashcoin a year ago, with the inspector involved in the case, Sunil Jadhav, quoted as 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.” He added:
Initially, the gang repaid a few investors to lure more people in and then defaulted. Their intention was to cheat.
The offences drawn up by the police include cheating, breach of trust, criminal conspiracy under the Indian Penal Code and sections of the Information Technology Act. The complaint was initially lodged by a resident of Surat who alleged that 10.2 million rupees ($145,000) were stolen from him. Police are in the process of freezing a number of bank accounts in the country as part of the investigation. The Times reports that the police are still looking for a fifth suspect, Ashok Goyal, who reportedly played a key role in the alleged scam but is on the run.
There is evidence, however, that cryptocurrency adoption is moving in the right direction in India. Its crypto community has been campaigning on social media for “positive regulations” and the rollback of the banking ban, and the country’s Supreme Court is due to hear the petitions against the cryptocurrency ban by the country’s central bank. These moves will hopefully ease the world’s seventh largest economy closer to accepting cryptocurrencies, for the benefit of its 1.34 billion people.
What do you think about the Cashcoin crypto scam and others of this nature? Let us know in the comments section below.
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