The Mumbai Crime branch, in India, has uncovered a gang behind a $13 million (INR 100 crore) cryptocurrency scam, which was spread over the states of Maharashtra, Gujarat, and Uttar Pradesh. The scammers had launched a scam coin, dubbed Cashcoin, which was claimed to be similar to Bitcoins. The gang cheated people by promising them double returns within two months.
Indian Police have arrested the fourth suspect of an alleged crypto scam worth 5 billion rupees (about $71.6 million) in the nation. As per reports from The Indian Express, the accused inflated the price of the tokens during investments which could not be redeemed later on by the investors when the price fell.