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After a 9-month pursuit… the founder of the Kashh Coin scam has been arrested

After a 9-month pursuit… the founder of the Kashh Coin scam has been arrested

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Answer After a 9-month pursuit… the founder of the Kashh Coin scam has been arrested

Delhi Police have successfully arrested Asif Malkani, the engineer behind the Kashh Coin scam.

Malkani was accused of losing hundreds of thousands of dollars to investors by persuading them to invest in Kashh Coin, promising them higher returns through a Ponzi scheme.

Kashh Coin was launched in 2016, at $0.047 per coin. At the time, Malkani and the staff promised that the value of the coin would rise to be equivalent to the price of Bitcoin.

organized criminal operation

Doubts about Kashh Coin surfaced after an investor filed a complaint against the project claiming that it had lost $33,000. After verifying the complaint, the Indian police launched an investigation, which led to the arrest of a member of the work team, Sonu Dahi.

Read:7 Cryptocurrency Exchanges Join NASDAQ

During Dahieh’s interrogation, he admitted that Kashh Coin is a Ponzi scheme, adding that Malkani is the mastermind of the entire operation. He stated that the work team organized luxurious seminars in various places to promote the currency, and the focus was that its price would rise to reach the price of Bitcoin.

Launching another fake coin

While he was in hiding, Malkani began working on a new digital currency called V-flix. The goal of the coin was to be the official digital currency within his V-Tube site similar to the concept of YouTube.

The police report stated that Malkani moved from his state, Uttar Pradesh, to Delhi to persuade individuals to invest in his new fraudulent currency.

Investigations revealed that Malkani had opened a trading company to use her bank account to transfer his illegal earnings from the Kashh Coin fraud scheme.

India is fighting fraud in the cryptocurrency world

The story of Kashh Coin is similar to a number of previous projects that were fought by the Indian police such as Bitconnect. The Indian police had previously announced the arrest of the most famous scam in the cryptocurrency world, Devash Dargi, at Delhi Airport from Dubai.

Read:How can legal entities detect and know if criminals are using cryptocurrency?

These issues in which the cryptocurrency industry is exploited have affected India’s view of the industry. Therefore, the state has taken many controversial decisions with the aim of restricting its uses and investment. While the Indian government sees its actions in the interest of the citizens, many people from around the world have criticized these policies as draconian measures and interference in the freedom of individuals.


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