An Indian mastermind of multi-core cryptocurrency racket was arrested by New Delhi crime branch. After complaints from the investors, Asif Ashraf Malkani (35) had been on the wanted list. However, he was able to escape for several months.
The group individuals pulled back their profits and went underground. From that point forward, Malkani had been on run and hiding at the places like Goa, Chennai, Kolkata, Kanpur and Pune. At last, he was caught after police followed him through surveillance.
Commissioner Ajit K Singla confirmed the arrested and said a group driven by DCP (crime) Bhisham Singh was testing the racket. DCP Singh said Malkani was being investigated.
How Indian Cryptocurrency Named Kashh Coin Was Launched
Malkani quit studies after completing Class X from Sofia High School in Bangalore in 2000. He went deep into the internet and software functioning after his schooling. He got married in 2007 and moved to Dwarka in 2013. With a friend named Sonu Dahiya he initially started real estate business there. After two years, they joined an advertising firm named Unetnet.
Malkani had interest in cryptocurrency and was perusing detailed knowledge on digital currency trades. At that point, he began purchasing and selling such coins. In October 2016, Malkani and others propelled his fake currency called ‘Kashh Coin’. On December 3, 2017, a grand function was held at Chhatarpur farmhouse. Bollywood celebrities and models were called to perform and market the coin. The price was estimated at Rs 3.5 for each coin.
According to Times of India report, more ‘Youth Seminars’ were held in different parts of the country and in Nepal after the success of their debut event. By promising higher returns, they earned crores of rupees from the investors.
Not only Indian cryptocurrency possesses heavy risk, but there has been a pile of crypto fraud files all around the world. As reported by CoinDesk, New Zealand investor lost $320,000 NZD ($213,000 USD) in an online crypto scam. The Canterbury Police have warned the public about these unstopping crypto scams. The unnamed investor made a huge investment in online cryptocurrencies which turned out to be fraudulent.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]