He told police that they lured him into investing in 'Kashhcoin'. The coins were initially launched at a rate of Rs 3.50 per coin and the victim was promised that he would earn a huge profit, they added. During investigation, some more complainants were received. Under the guidelines of the Reserve Bank of India, cryptocurrencies are not legal in India, the police said.



The investigators found that the accused organised lavish seminars in different places including Nepal, Mumbai, Gujarat, Chandigarh, Raipur and Nagpur for business promotion, said Alok Kumar, Joint Commissioner of Police (Crime). At these seminars, they would lure people into investing in this coin for earning high profits by claiming that the rate of this coin will cross the cost of 'Bitcoin'. They used to invite eminent personalities to those seminars to attract more and more people, said the officer.

The videos of these seminars were even uploaded on Youtube which aided the police in their probe, the police said. Raids were conducted in Maharashtra, Rajasthan and Uttar Pradesh.