First Bitcoin scammer arrested in India the first Bitcoin scam in India ??

Delhi. Think twice next time you fall for deal on digital currency, This gang of cheaters put up a website and cheat many people in Dehli and other part of the india before crime branch got on their trail and arrested a key player.the accused, Narendra Dehiy,hails from Sonipat.and Eight other mamber of the cheater gang have been identified and read are being conducted on nab them.

joint commissioner (crime branch) Alok kumar said more arrest were likely in the coming days, kumar said the gand had named the "currency" Kashcoins and put them up to sale on its website-Kashcoin.net They devised a unique combination of cryptocurrency and multi-lavel marketing of make hug profits, they asked each buyer to add their reletives and friends in the chain to earn profits.for every new members added,they were promised incentives over and above their profit.

on their website,the company claimed to provide " all residents of earth" with sufficient number of coin to achieve independence from other money.There is a finite number of Kashcoin. The maximum amount of Kashcoin is 2,515,020,000 and unlike money issued by government, Kashcoin cant be affected by inflation and are impossible to counterfelt (sic) the website says

the website also had a desclaimer for indemnity and used complex legel language. The cheater gang promised a return of 10% for five years to buyers, also they claimed Kashcoin soon cross the rate of Bitcoin, The initial price of Kashcoin was Rs 3.5 cryptocurrency sold by gang were valued at Rs 50 crore, police said.