Another Crypto Scam Busted in India
Posted On : Wednesday, February 20, 2019, 5:35 PM
Police in India have arrested four and are seeking a fifth suspect whom they believe used a cryptocurrency scam to steal 1 billion rupees (nearly $14 million) from investors in Mumbai, Surat, Gujarat, and Uttar Pradesh, Times of India reports. The men, Sanjay Sontakke, 44; Rajnikant Kumavat, 46; Alpesh Barodia, 32; and Kirankumar Panchsara, 38; as well as Ashok Goyal (still at large), are believed to have been behind a scheme called “Cashcoin”. The complaint was reportedly brought against the men by Umeshchand Jain, who claims he was defrauded in the scheme.