Cryptocurrency named after India’s ‘Who Wants to Be a Millionaire?’ ends in $250K scam

Indian government can set as many restrictions on cryptocurrency trading in the country as it wants, but it seems the local fraudsters and con artists can’t be deterred.

Police in India‘s financial hub Mumbai has booked a local resident Pritam Patil for duping $250,000 out of 12 people in an alleged cryptocurrency scam.

According to a report by local daily The Hindu, the accused asked the victims to invest in the initial coin offering (ICO) of his new cryptocurrency called ‘KBC Coin,’ with a promise of good returns. The victims were assured that a KBC coin worth $0.0056 at the time would rise to $1 by March 2018.

The ICO scheme seems to have been running since at least the cryptocurrency market surge of November-December 2017, but a case for fraud was only filed on Thursday last week with the local police by one Nanasaheb Patil. ..Read More..

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