The dubious operation was spanned across several cities in the country.

The police of the Indian city of Mumbai has arrested four persons alleging their involvement in a multimillion-dollar cryptocurrency scam.

According to the Times of India’s February 17 report, the gang allegedly duped people for 1 billion rupees ($14 million) in a cryptocurrency scam.

The group launched a cryptocurrency called Cashcoin a year ago and was promising investors to double their money in two months.

According to the report, the Mumbai police arrested four people, however, the mastermind of the scam -Ashok Goyal – is still at large.

The group spanned its operations across multiple cities across India and its dubious activities first surfaced when a Surat-based investor Umeshchand Jain filed a police complaint alleging the perpetrators for defrauding him of 10.2 million rupees (around $145,000).

Updating on the case to the local media, police inspector Sunil Jadhav said: “The accused held meetings in Mumbai, Surat, and other parts of Gujarat, and lured people into investing their hard-earned money by promising to double it in two months. Initially, the gang repaid a few investors to lure more people in and then defaulted. Their intention was to cheat.”

According to the police, the group was operating multiple bank accounts in the country and was siphoning investors funds via bank transfers. The police froze all the accounts linked to the alleged perpetrators.

The lawyers of the defendants, however, are claiming that the arrested persons are innocent and was accused wrongly by the city police.

Crypto in India

The Reserve Bank of India, the country’s central bank, last year, has barred all operating banks in the country from maintaining accounts of cryptocurrency exchanges and other crypto-related businesses. This, however, could not stop the black market crypto schemes in the country usually pursued by fraudsters.

In last October, the Indian authorities busted a $3 billion crypto Ponzi scheme which even involved the kidnapping of a property dealer.