One of the individuals involved in the scam, Baljeetsingh Lashkariya, who is currently on the run from the police, first hatched the scheme two years ago in an advertisement for KBC’s network. The alleged perpetrators were promoters of ‘KBC Coin,’ a cryptocurrency that was supposed to be backed by gold. The report indicates that the actual amount stolen was “likely” much higher than $14 million and represented the sixth cryptocurrency-related fraud registered in Surat over the last two years. Four individuals have been arrested in India in connection to a $14 million cryptocurrency scam that involved the promotion of ‘KBC Coin.’ KBC Coin FraudĪ report from the Times of India indicates that four men were arrested in the west Indian city of Surat after being tied to a scam that defrauded victims of $14.2 million.
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