Mumbai police have nabbed four men in India in connection with a cryptocurrency scam that caused several victims in Mumbai, Surat, Gujarat and Uttar Pradesh to lose 1 billion rupees ($14 million) worth in crypto. A fifth suspect, believed to be the mastermind, is still at large.

The Times of India (Feb 17) reported that the group had created a new cryptocurrency called Cashcoin, with promises to investors to double their placements in just 2 months. But police said the intention was to cheat investors.

The group had opened bank accounts in many major Indian cities, which they used to siphon investors’ money through bank transfers. The scam came to light when an investor in Surat complained to police he had been cheated of 10.2 million rupees (around $145,000). The Mumbai police have since frozen the accounts.

“The accused held meetings in Mumbai, Surat, and other parts of Gujarat, and lured people into investing their hard-earned money… Initially, the gang repaid a few investors to lure more people in and then defaulted,” said Mumbai police detective Sunil Jadhav

Lawyers representing the arrested four, however, are claiming the group is innocent and falsely accused.