Indian Authorities Arrest 4 Individuals Accused of Crypto Ponzi Scheme

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The Criminal Investigation Department (CID) of India has captured Vijay Prajapati, Dhiraj Patel, Kamruddin Syed, and Ashiq Shaikh, the supposed makers of the digital currency KBC Coin, as indicated by a report by The Times of India on July 4.

According to the report, the CID contends that KBC is a Ponzi Scheme.

KBC purportedly propelled a half year prior, and its cost has not moved since. KBC coins were apparently issued at 10 paisas each, with the guarantee that they would soar in an incentive to 10 rupees in a brief span ⁠—a 100-overlay rate of profitability.

As indicated by a CID part, an individual named Baljeetsingh Lashkariya advanced KBC by means of a fraudulent business model, saying that the "main financial specialist in the chain would get a motivating force from the last hover of speculators. This offer assumed a noteworthy job in carrying more speculators to the organization."

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