Rs 100 crore multi-state cryptocurrency racket busted in Mumbai, 4 accused nabbed

MUMBAI: The city crime branch has busted a gang allegedly involved in a cryptocurrency racket that amassed an estimated Rs 100 crore by cheating several people in Mumbai, Surat, Gujarat and Uttar Pradesh. Four have been arrested in the case so far.
The gang launched a cyrptocurrency a year ago and called it Cashcoin, similar to Bitcoin. Police said their intention was to cheat investors by promising to double their investments.
Across the world, there have been heightened concerns over cryptocurrency, also known as virtual currency, as these are not regulated by any government or central banks, leading to money-laundering fears. The RBI has discouraged investment in virtual currency too.