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India Police Arrested $14 Mil Crypto Scam Mastermind

By Shannon Wilson | March 24, 2019
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1 billion rupees (over $14 million) has been reportedly stolen by a cryptocurrency scam in Delhi, India. On March 22, as the local news outlet The Times of India reported, the police has successfully arrested 4 more culprits who got involved in the crime, including the mastermind.

Mumbai’s crime branch has caught Ashok Goyal Jaipuria, Asif Malpani, Baljit Singh Saini and Pradeep Arora, all from Delhi. The group is said to be led by the mastermind Ashok Goyal Jaipuria, whose multiple bank accounts have been frozen after the arrest. One unknown Bollywood celebrity will also be questioned by the police since he had attended promotional seminars of the scam.

“The gang launched Cashcoin, a cryptocurrency similar to Bitcoin, a year back, and initially showed profits to few investors and gained their confidence. They thus got more investors and duped them.” said one victim of the scam.

The India crime branch has reportedly exposed the scam in February, when Mumbai police have nabbed four Indian men in connection with a cryptocurrency scam that affected several cities. However, not until recently had the leader Goyal been officially caught. The first complaint of the case has been filed in Surat city, India, by a victim who lost his investment to the scam for over 10 million rupees (nearly $150,000).

The recent cryptocurrency scams around the nation have urged the Indian authorities to launch a devoted cybercrime lab, in which cryptocurrency crime took one focus spot as a part of national digital threat, reported by The Crypto Sight on February 22.

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