KashhCoin Ponzi scammers arrested in India
Among the sea of MLM pump and dump shitcoins launched this year, KashhCoin seems to have mostly flown under the radar.
Marketed with the usual comparisons to bitcoin, KashhCoin even went so far as to represent it was accepted by several well-known merchants:
The reality was that KashhCoin was ultimately worthless, with those investing in it only doing so because of the attached MLM opportunity.
KashhCoin solicited investment of $10 or more for a daily ROI of 1 to 2%. Direct and residual refferral commissions were also paid on funds invested by recruited affiliates.
KashhCoin represented to affiliates the value of KASHH would explode, prompting gullible investors to part with real money for worthless pre-mined coins.
KASHH did eventually launch as a publicly tradeable cryptocurrency in February, 2017.
After an initial pump peak of around 5 cents, KASHH promptly crashed to its current value of $0.000177.
Despite KashhCoin claiming it was owned and operated by VKS International, a Dubai based marketing company, in reality it was run by Indian scammers.
Following a compliant filed by a KashhCoin investor who claimed to have lost over $20,000, an investigation was launched by the Delhi police Crime Branch.
That investigation lead to the arrest last Thursday of one of the men behind the scheme.
The Delhi police Crime Branch has busted an inter-state gang involved in duping investors by selling fake digital currency (cryptocurrency) on Thursday.
The cops have arrested one Narender (32), a native of Sonipat in Haryana, from Delhi, who was the operational hand of the gang in Delhi.
The other gang members were operating the syndicate from Gujarat, Rajasthan, UP, and Mumbai.
Interrogation of Narender has revealed the names of his accomplices, however for now they are still at large.
According to Joint Commission of Police Alok Kumar, ‘several police teams have been formed to arrest the others‘.
No word yet on whether any of the stolen investor funds have been recovered.
Personally I wouldn’t be surprised if the funds hadn’t already been laundered out of the India, beyond the reach of local authorities.
This is the typical MO of MLM cryptocurrency scams, making them all the more dangerous to invest in.
Not only do investors lose their money as the Ponzi scheme inevitable unravels, but recovery of victim funds without international cooperation is next to impossible.
Update 7th October 2018 – KashhCoin founder Asif Ashraf Malkani has been caught and arrested by Indian authorities in New Delhi.
narender aka sonu dahiya had hired some two bit, C-grade bollywood actresses to market his kashhcoin.
one of these is kainaat arora whose videos can be seen online, inviting people to various kashhcoin recruitment seminars where she would perform to bollywood songs to woo the crowd. pretty cheap marketing tactics.
the ‘Go Cashless’ ruse is crock, because the govt of prime minister narendra modi is encouraging india to go cashless [ credit/debit cards, online cash wallets etc] but is definitely not an invitation for creating or using cryptocurrency.
india is still on the fence, neither banning or accepting cryptocurrency yet, but probably looking for a way to regulate it. at the same time the govt is worried about the numerous crypto based scams that are springing up everywhere.
As are most countries I’d imagine.
Dear sir,
I would like to inform you that the real person behind this scam were Ritesh Tiwari, Jaipuriya & Vinod Kumar.
and also i would like to share maximum of the scam money is with mr Tiwari and vinod and there all luxury cars like jaguar and BMW are [parked at binod residence at bikaner house near pandara market. but police can not arrest them because they have good influence in both politics and judicially as ritesh tiwari father was ex magistrate of supreme court of india.
now i have passed so much of information to you and i would like to request to you that kindly do not reveal my identity because they can harm me.
Thanks & Regards
Rohit
Dear Rohit,
your information was very useful for us we went to bikaner house and met with mr vinod’s parents.
His mother assured us that his son will return us the payment but after 2 hours i got a call from mr vinod and he denied to be part of kaashcoin gang.
so mr rohit i would like to request to you that kindly contact me on my email because i have so many image proof of chandigarh seminar where vinod kumar is present.
BMW i confirming that it was parked at his residence and his no DL6CJ-7300. now we are planning to go with the all victims to his house and will complaint to crime branch office.
So mr rohit if your team is also cheated by those gang you can come along with us.
Regards
Sandeep Chaudhary
Sir, sandeep chaudhary,
how can ia odanry people who is leaving in servant qauter of bikaner and having four luxery car name jaguar BMW verna, CRV.
not possible i have lots of vedios and pics in which clearly shown that mr vinod chauhan alieas sonu was the part of kassh coin gang they robbed my team money and we r planing to catch that person very soon my total amount was 350000 in white.
very soon i am going to catch throuh ed and deprtment.
Case is reopened n Ritesh tiwari was also arrested but again he got bailed out.
guys u need to fire an FIR if you want your money back, he has crores and crores in bankaccounts and he is living a lavish life with cheated money.
1st of all u all have lost ritesh n his wife r now living a very cool life wid lot of cash nd cars lyk fortuner jaguar land rover etc.
he also buy new house in civil lines nd many properties in juhu mumbai. his wife is also his partner in all d crimes along with actress chetna panday but police cannot arrest him.
Thanks & regards
Rohit