'One Coin' fraud: 18 in cop custody

NAVI MUMBAI: Police have obtained the custody of 18 people accused in the 'One Coin' crypto currency scheme case. It was important for the police to obtain their custody to carry out investigation into the money trail.
The accused had claimed that the 'One Coin' scheme was similar to Bitcoin, a crypto currency electronic payment system, whose value had increased from Rs 6 to Rs 80,000 per Bitcoin since it was invented in 2009.
Investors, after making payments, were provided passwords so that they could check their profiles on the OneCoin website. The account gave details of how many coins they had purchased with their invested funds. Investors were told the value of coins would fluctuate in sync with European currency.
DCP (Crime) Dilip Sawant said, "After freezing Rs 18.97 crore in bank accounts in Delhi and Rajasthan, the Navi Mumbai police have formed a special investigation team to probe the case and track the money trail to recover investors' money."
Sawant said that after arresting the 18 accused and producing them in court, the judicial magistrate first class court at CBD-Belapur directed the police to the chief judicial magistrate's court at Thane, as apart from IPC sections , the arrested accused were also booked under the Prize Chits and Money Circulation Scheme (Banning) Act, 1978.