A case under relevant sections of the Indian Penal Code (IPC) and sections of the Prize Chits and Money Circulation Schemes (Banning) Act
A 32-year-old man has been arrested for duping people by offering them virtual currency Kashhcoin by the Crime Branch of the Delhi Police. Police officials claimed that around eight more persons are likely to be arrested
"The accused has been identified as Narender alias Sonu Dahiya (32) who hails from Sonipat, Haryana. Dahiya ran the multi-level marketing syndicate of fake cryptocurrency in the name of 'Kashhcoin' like Bitcoin along with many others.
A case under relevant sections of the Indian Penal Code (IPC) and sections of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 has been registered by the police," said Alok Kumar, Joint Commissioner of Police, Crime Branch.
The police officials received a complaint from Arun Kumar in which he alleged that that he was cheated for Rs 13,90,000 by people who persuaded him to invest in the newly launched virtual currency.
"The coins are of no use as of now. While the investigations were going on more complainants came to the police with the same grievance of being cheated in the name of 'Kashhcoin'. As per the given guidelines of RBI Virtual Currencies (Cryptocurrencies) are not legalised in India," said Kumar.
Narender has studied upto Class 12 and passed out from Haryana. He then started dealing in real estate. After the failure of the real estate business he engaged in Multi Level Marketing (MLM) in the year 2011. In November 2016, he came in contact with other associates. They then launched the virtual currency Kashhcoin in December, 2016 and organized lavish seminars at different places like Nepal, Mumbai, Gujarat, Chandigarh, Raipur, Nagpur.
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