Four People Arrested By Indian CID In Alleged Crypto Scam

Meeting O. Progress || JULY 6, 2019


The Criminal Investigation Department (CID) of India have arrested for people in alleged cryptocurrency scheme, The Times of India reported on July 5th, 2019.

The suspects were identified to be Vijay Prajapati, Dhiraj Patel, Kamruddin Syed, and Ashiq Shaikh. KBC was reportedly created 6 months ago, has not make any positive movement since then.

According to the report, the promoters of the scheme (Lashkariya and Mohan Patel) have gone underground after promising their victims that the “first investor in the chain would get an incentive from the last circle of investors. This offer played a major role in bringing more investors to the company.”

KBC is reported to be the "sixth cryptocurrency fraud registered in Surat in the past two years".

In June, Bloombergquint reported a proposed bill by Indian legislators that would punish crypto users in the country with up to 10 years in jail for violating the country’s anti-crypto laws. Which is said to be part of “Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019."