Indian Police arrested four, successfully busted Rs.100 crore cryptocurrency scam.

Must Read

VeChain (VET) Price Analysis: A Downtrending Altcoin With Strong Future Projections 

VeChain is on downshift with -5.9% overall loss.  However, the community is planning and taking steps for its...

Cryptocurrencies Price Analysis: Bitcoin SV, TRON, Tezos, ICON, IOTA 

The crypto market is again on a downtrend today. BTC has gone below the support level of $9600...

Tim Draper Accuses Warren Buffet Of Bashing Bitcoin – But Is He Any Less Biased?

The Founder of DFJ Venture Capital, Tim Draper, has accused the chairman and the CEO of Berkshire Hathaway...
5d85c99dd353c-bpfull
Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

The crime branch arrested four and accused that the gang involved in cheating people for Rs. 100 crore in cryptocurrency. Mumbai, Surat and Uttar Pradesh Police successfully busted the cryptocurrency racket reports Times of India on 17th February.

 A year ago the gang started a cryptocurrency and named it as Cashcoin and promised investors to double their investment in two months the accused held meetings in Mumbai, Surat and other parts of Gujarat and influenced people to invest their hard earned money but their intention was to cheat said by police.

 The complaint was lodged by Umeshchand Jain, a resident of Surat and alleged that the accused cheated him on Rs. 1.2 crore. During the investigation, police learned that the accused had siphoned off the complainant’s money by transferring the amount from his Surat branch bank account to the account in Uttar Pradesh The crime branch has registered an offense of cheating, breach of trust, criminal conspiracy under Indian Penal Code and sections the Information Technology Act. Sources said that the police are likely to invoke the Maharashtra Protection of Intrest of Depositors Act and the Chit Funds Act as well on all the four accused.

An advocate of accused said that the Indian Penal Code sections 419, 420, 406 and 409 are not applicable in this case as no one has been cheated since all transaction is in cheque payments and further says his clients are innocent and have been wrongly arrested.

Across the world, there have been heightened concern over cryptocurrency, also known as virtual currency but these are not regulated by government or central banks, leading to money laundering fears. The Reserve Bank of India has discouraged investment in cryptocurrency.

Hot News

VeChain (VET) Price Analysis: A Downtrending Altcoin With Strong Future Projections 

VeChain is on downshift with -5.9% overall loss.  However, the community is planning and taking steps for its mass adoption in the crypto...

Cryptocurrencies Price Analysis: Bitcoin SV, TRON, Tezos, ICON, IOTA 

The crypto market is again on a downtrend today. BTC has gone below the support level of $9600 with Ethereum standing on the...

Tim Draper Accuses Warren Buffet Of Bashing Bitcoin – But Is He Any Less Biased?

The Founder of DFJ Venture Capital, Tim Draper, has accused the chairman and the CEO of Berkshire Hathaway of bashing Bitcoin and being...

Gnosis Founder’s Remark on Bitcoin Inflation and Ethereum’s Monetary Policy

Bitcoin investors and Ethereum investors have been against each other for quite a long time, but now it is time to have a...

CNN Interviews The TRON Foundation Founder And CEO Justin Sun

Julia Chatterley and Justin Sun, talk about digital content sharing, buying BitTorrent, crypto investing and the grand thing that Justin Sun did just...

Winklevoss’ Ticket To Space Eventually Turns Out To Be An Expensive One

Tyler Winklevoss acquired an expensive ticket for an exclusive space journey. Winklevoss had bought the ticket from the company, way back in 2014,...

Cryptocurrencies Price Analysis: Bitcoin SV, TRON, Tezos, ICON, IOTA 

The crypto market is again on a downtrend today. BTC has gone below the support level of $9600 with Ethereum standing on the...

Tim Draper Accuses Warren Buffet Of Bashing Bitcoin – But Is He Any Less Biased?

The Founder of DFJ Venture Capital, Tim Draper, has accused the chairman and the CEO of Berkshire Hathaway of bashing Bitcoin and being...

Gnosis Founder’s Remark on Bitcoin Inflation and Ethereum’s Monetary Policy

Bitcoin investors and Ethereum investors have been against each other for quite a long time, but now it is time to have a...

CNN Interviews The TRON Foundation Founder And CEO Justin Sun

Julia Chatterley and Justin Sun, talk about digital content sharing, buying BitTorrent, crypto investing and the grand thing that Justin Sun did just...

RELATED NEWS

VeChain (VET) Price Analysis: A Downtrending Altcoin With Strong...

VeChain is on downshift with -5.9% overall loss.  However, the community is planning...

Cryptocurrencies Price Analysis: Bitcoin SV, TRON, Tezos, ICON, IOTA 

The crypto market is again on a downtrend today. BTC has gone below...

Tim Draper Accuses Warren Buffet Of Bashing Bitcoin –...

The Founder of DFJ Venture Capital, Tim Draper, has accused the chairman and...