Fictitious Indian Cryptocurrency Site Kashhcoins Busted For Fraud Worth $7.79 Mn

While the Bitcoin mania surges higher, so is the frequency of fraud being perpetuated in the name of cryptocurrency. In a recent case, a gang of crooks which floated a fictitious cryptocurrency Kashhcoins, put up a website and duped several people in Delhi and other parts of the country before the crime branch arrested a key player. The accused, Narendra Dahiya, hails from Sonipat, Haryana. Eight other members of the gang have been identified and raids are being conducted to nab them.

The gang had named the currency Kashhcoins and put them up for sale on the website Kashhcoin.net. They devised a unique combination of cryptocurrency and multi-level marketing to make huge profits. They asked each unsuspecting buyer to add their families, relatives and friends in the chain to earn profits. For every new member added, they were promised incentives over and above their profit.