Indian authorities arrest 4 delinquents for ponzi scheme fraud
The authorities of de Indian Criminal Investigation Department seized the creators of the cryptocurrency KBC, which should be located at about 10 rupees according to the promise made by the group
The alleged creators of the cryptocurrency KBC, Vijay Prajapati, Dhiraj Patel, Kamruddin Syed and Ashiq Shaikh were arrested by the Criminal Investigation Department (CID) of India.
The reason for the arrest is a supposed scam that was generated since its launch 6 months ago, when it was promised that the price of the Ponzi scheme launched would vary constantly.
The KBC currencies were issued in 10 “paisas” each, with the promise that they would skyrocket in value to 10 rupees in a short period of time, a return on investment of 100 times.
According to a CID member, an individual named Baljeetsingh Lashkariya promoted KBC through a pyramid scheme, saying that “the first investors in the chain would get an incentive from the last circle of investors.” This offer played an important role in attracting more investors to the company”.
India is discussing a bill, which aims to punish criminals who violate the country’s cryptocurrency laws.
K. Tovar
Source: Cointelegraph
