100 crore cryptocurrency scam busted in Mumbai

Another day, another scam! The Mumbai police crime branch recently busted a cryptocurrency gang which ran a cryptocurrency scam that amassed more than 100 crores. The gang launched a cryptocurrency called Cashcoin and scammed gullible investors by promising to double their money. The scam was perpetrated across Maharashtra, Gujarat and Uttar Pradesh.

The incident came to light when a person who was duped of Rs 1.2 crore filed a complaint with the police. Four persons have been arrested in the case. The police has also frozen bank accounts of the alleged perpetrators across the country. 

It is surprising to see people falling prey to such scams in the country. We have said it before and we say it again – If it sounds to good to be true, then you shouldn’t be investing in such a scheme. If people continue investing in such schemes due to greed, they have only themselves to blame.