Four men arrested for fraud – sold fake cryptocurrency using pyramid scheme

Four men arrested for fraud – sold fake cryptocurrency using pyramid scheme

Image source: Shutterstock / Trijo News

Teodor Stig-Matz

teodor.matz@trijo.co

The men reportedly stole at least $150,000 in the Indian crypto-scheme.

Indian police have arrested four men for deceiving people into a crypto-related fraud.

Vijay Prajapati, Dhiraj Patel, Kamruddin Syed, and Ashiq Shaikh allegedly sold a fake cryptocurrency named KBC coin with promises of 100-fold returns on investment. The men reportedly stole at least $150,000, even though the police believe it may have been even larger sums, The Times of India reports.

Pyramid man on the run

Another member of the gang, Baljeetsingh Lashkariya, allegedly sold KBC coin through a pyramid scheme where he told investors that they would be able to take advantage of profits from others who got in later. Baljeetsingh Lashkariya is wanted but is still on the run, The Times of India reports.

This is not the first time someone promises big profits from fake cryptocurrencies. Earlier this week, Trijo News reported on a similar case in the US.

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