Breaking down another crypto currency fraud..! Private bank manger dupes customers for Rs 14 lakh Kashhcoin

New Delhi, July 3: Following the alleged involvement of a private bank manager in several financial frauds using shell companies and other cryptocurrency scams, Delhi Police on Tuesday moved up arresting six others incriminated in Gurugram.

 

"The accused Sandeep Singh Dua, who currently works as a Manager in Standard Chartered Bank in Gurugram was arrested by a team of Crime Branch Cyber Cell on Monday after he confessed to his crime during interrogation," Additional Commissioner of Police AK Singla said. 

 
  

Dua was an active member of a gang of cheats and businessmen who used dummy accounts of shell companies for transactions to avoid income tax. “He was working as a conduit between account holders of shell companies and cheats. Earlier, he had worked as a Manager with Axis Bank and Yes Bank in the national capital," he added.

 

Adding light further over the investigations, the police officials said that the financial frauds came to light after Arun Kumar, a resident of Delhi's Ghonda filed a complaint against a gang of cheats that cheated him to the tune of over ₹14 lakh to invest in newly launched cryptocurrency Kashhcoin. "During probe, six of Dua's accomplices, identified as Narender, Asif Malkani, Baljeet Singh Saini, Pradeep Arora, Sunil Kumar, Puneet Mahindru and Ashok Goel have also been arrested," he said.

 

A cryptocurrency is a digital or virtual currency that uses cryptography for security. It is difficult to counterfeit because of this security feature and many cryptocurrencies are decentralized systems based on blockchain technology, a distributed ledger enforced by a disparate network of computers.

 

A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. As per RBI guidelines however the creation, trading or usage of virtual currencies including Bitcoin as a medium for payment are not authorised by any central bank or monetary authority.