Indian police exposed and stopped the Scam cryptocurrency, inspired by the TV show “Who wants to be a millionaire”

The police of India and the local edition of the Hindu reported that a resident of Mumbai to Prov Patil (Patil Pritam) was charged with fraud 12 people in the misappropriation of approximately $250,000 in cryptocurrency Scam. Patil and his accomplice for several months harassing a local businessman and his partners to those invested in the cryptocurrency Coin KBC. As reports the edition Hard Fork the coin KBC named in honor of “Kaun Banega Crorepati”, the Indian version of the intellectual show “Who wants to be a millionaire?” from the movie “Slumdog Millionaire”

Nanasaheb Patil (Patil Nanasaheb) and 11 of his employees bought the KBC Coin Scam. At the time of writing the AFC website doesn’t work, but a backup stored in the cache, it is said that AFC stands for “cryptocurrency of the future” (A Future Cryptocurrency).

In the video, a warning about bitcoin:

The fraudsters promised their victims that cryptocurrency KBC will have a value of $1. Without any prior knowledge of the cryptocurrency markets of the victims made an investment and apparently received dividends for some time.

On the website Mint AFC AFC described as a legal platform that is certified for global investment in tokens AFC. This is a strange statement, considering that the Indian authorities have not yet announced finally, how are they going to regulate cryptocurrencies. The situation is so annoying Indian judges that on February 26, they appointed a four-week period for the cryptocurrency regulation.

According to an article in Hindu, the criminals told their victims that their website serves as proof of registration of their business. The victim could verify this, but did not do so, the more they were blinded, because in that time the cryptocurrency market has flourished. One funny item from the AFC website Mint is how they describe smart contracts and tax benefits from the use of the cryptocurrency. This brilliant ignorance:

Did you know that in the US cryptocurrency is considered a commodity? So, this means you will receive great tax benefits! Also, many countries do not even levy their taxes. Many people believe that smart contracts are the future! This is the same as the start of the Internet. Money will never be the same again.

From several scams ICO, which affected local residents, the scheme BitŠ”onnect had the greatest success. As a result of global fraud was not less than $3 billion and the government was asked to seize the assets of several local promoters. The Asian Chapter of the pyramid Bitconnect was eventually arrested at Delhi airport.