In line with a recent report by the native reporting media, ‘The Time of India’, The chief investigation agency of ‘India‘ namely CID [Criminal Investigation Department] has arrested Vijay Prajapati, Dhiraj Patel, Kamruddin Syed, & Ashiq Shaikh, the alleged creators of the KBC Coin.
As per the report, the CID argues that KBC coin project is a Ponzi scheme.
KBC coin was reportedly launched around 6 months earlier, with a price a price that has not moved since. KBC coins were reportedly issued at around 10 paisas [$0.015 USD] each unit, with the promise that the price would skyrocket in value to over 10 rupees [$0.15 USD] in an exceedingly short time – a 100x times return on the investment.
As per CID member, an individual named Baljeetsingh Lashkariya promoted KBC coin project via a pyramid scheme, conveying that the “first user within the chain would receive incentive from the last circle of investors. This offer played a vital role in bringing alot more new investors to the company.”
Lashkariya as well as another promoter named Mohan Patel, have reportedly “gone underground.”
As ‘reported‘ earlier, Indian legislators recently proposed a bill that might penalize ‘cryptocurrency‘ enthusiasts within the country with up to ten years in jail for violating the country’s anti-cryptocurrency laws.
This policy is outwardly a part of the proposed bill “Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019.”