Noida: A total of 12 people were arrested by the Noida Police Task Force on Friday for allegedly launching a virtual currency and Crypto exchange in the city.
Crypto Exchange is an online platform where users can trade virtual currencies.
Cryptocurrency was not banned in India, but the police said they were arrested including some former Shine City Executive Infra Project Private Limited – the real estate group was accused of deceiving Crores investors.
The defendant was bowed from a city hotel around 9:30 a.m.
when they launched Crypto Exchange ‘Coin Coin’ and digital ‘virtual coins’ on the virtual coin line launched by the previous City Shine Group to the Investor Dupe, STF said.
SSP SSP Hemraj Meena said they raided the hotel on a tip-off that was accused of planning to cheat people by luring them to invest in their cryptocurrency with the pretext of doubling their money.
Those who were arrested were identified as Manjeet Singh, Shailesh Kumar, Dheeraj Nigam, Indraja Yadav, Pooja Kanaujia, Nishant Kumar, Sandeep Solomon, Arvind Kumar, Vipul Singh and Ashish Kumar.
MBA from the University of England, Ashish is a former technical head of the City Shine Group.
During the interrogation, Ashish told the police that they planned to deceive investors claiming to double their money through a virtual coin, a trick he learned from Rashid Naseem, head of the City Shine Group, said STF in a statement.
“Ashish came to India in 2018, after completing his MBA.
He joined the Technical Head of the City Shine Group.
But in 2019, Rashid Naseem, the owner, allegedly closed the company and left India,” said an STF officer.
Ashish seems to tell STF that Rashid continued to live in Dubai and that he had previously expected to launch Shine Virtual Coin (SVC) with their help and suggested that the virtual currency would allow them to make money.
“About 80 potential investors are captivated at the event.
About 16 cellphones, two laptops, two Pan cards, 30 ATM cards, four Aadhaar Duplicate cards, Rs 1.5 lakh cash and two four-wheeled have been confiscated from the defendant’s ownership,” Meena said.
The enforcement directorate has been carrying out an investigation against Rashid and his accomplice in connection with the alleged vacuum of crores investors investors in the Infra City Shine project.
A pine has been submitted against 12 arrests under the IPC 420 section (cheating), 467 and 468 (both of them related to counterfeiting) and 471, Section 66 of the IT Law and ¾ of the Chits and Money Circulation Law, 1978.