Oct 29, 2004
Fictitious Indian Cryptocurrency Site Kashhcoins Busted For Fraud Worth $7.79 Mn

The gang had named the currency Kashhcoins and put them up for sale on the website Kashhcoin.net. They devised a unique combination of cryptocurrency and multi-level marketing to make huge profits. They asked each unsuspecting buyer to add their families, relatives and friends in the chain to earn profits. For every new member added, they were promised incentives over and above their profit.
The gang promised a return of 10% for five years to their buyers, apart from the “shooting rate” of the cryptocurrency, which they claimed would soon cross the rate of Bitcoin. Initially, each Kashhcoin was priced at $0.05(INR 3.5).
The police were tipped by one of the buyers who was duped off $21,824( INR14 lakhs). After he filed an FIR in August this year, raids were conducted in Maharashtra and Gujarat to nab the suspects. Finally as more complainants poured in, the police were able to nab Dahiya. As per the police, the cryptocurrencies sold by the gang were valued at $7.79 Mn (INR 50 Cr).