In India, the Criminal Investigation Department (CID) arrested four individuals for a crypto Ponzi scheme. These persons created a cryptocurrency coin named KBC coin and collected money from the people reported on July 5 through The Times of India.
The CID officers arrested Ashiq Shaikh, Vijay Prajapati, Kamruddin Syed and Dhiraj Patel in Ponzi scheme case.
About the KBC Coin
The so-called KBC coin launched six months ago and collected so much money from the people. The company promised that in the starting the coin price is just 10 paisa and it will increase to 10 Indian rupees in a short time. On this concept, the people lured and invested their hard money in this Ponzi scheme.
Investigation on the Ponzi Scheme
According to a police officer, the individual named Lashkariya promoted this coin in the form of a Ponzi scheme. He stated that the first sponsor in the scheme will get an incentive as of the last investors. So this concept played a key role in spreading and collected a large amount.
The KBC coin price never increased and the promoters moved underground.
This Ponzi scheme promoted in the main cities of India. At last the people realized the fraud and given the complaints to the police department. This kind of cryptocurrency fraud is the sixth case has registered in Surat, for the last two years in India.
Because of demonetization, the block money entered in the cryptocurrency. So a large number of cryptocurrency start-ups born and disappeared by taking the people’s money.
Majority of KBC coin victims are still not coming outside. The fraud money figure may be in a large number. So the CID officers asked the people to come forward and give complaint on this scheme or the other kind of schemes.
Previous Incidents in India
As earlier (reported) by coinikon, Jammu and Kashmir police gave a warning to the people against investment in cryptocurrencies. Those who violate the laws are going to jail for up to ten years.
Still, Central bank of India (RBI) wants to take more time on crypto issues. RBI already imposed the ban on banks to support cryptocurrency services.
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