Indian police and the local Hindu edition report that a resident of Mumbai Pritam Patil (Pritam Patil) was charged with fraud by 12 people for misappropriating about $ 250,000 in a cryptocurrency scam. Patil and his accomplice for several months molested a local businessman and his partners to invest in the KBC Coin cryptocurrency. According to Hard Fork, the KBC coin is named after "Kaun Banega Crorepati", the Indian version of the intellectual TV show "Who Wants to Be a Millionaire?" from the movie "Slumdog Millionaire"
Nanasaheb Patil and his 11 employees bought KBC Coin from scammers. At the time of this writing, the AFC site is not working, but the backup stored in the cache states that AFC stands for “Future Cryptocurrency”.
On the video warning about cryptocurrency:
The fraudsters have promised their victims that the KBC cryptocurrency will have a value of $ 1. Without any prior knowledge of cryptocurrency markets, the victims made investments and apparently received dividends for some time.
The AFC Mint AFC website is described as a legal platform certified to secure global investment in AFC tokens. This is a strange statement, given that the Indian authorities have not yet declared definitively how they are going to regulate cryptocurrency. The situation is so annoying to Indian judges that on February 26 they appointed a four-week term for cryptocurrency regulation.
According to an article in Hindu, the criminals told their victims that their website serves as evidence of the registration of their business. The victims could verify this, but did not do it, the more they were blinded, because at that time the cryptocurrency market flourished. One fun item from the AFC Mint website is how they describe smart contracts and the tax benefits of using cryptocurrencies. This is brilliant ignorance:
Do you know that in the US cryptocurrencies are considered a commodity? So that means you get great tax breaks! Also, many countries do not even tax them. Many people believe that smart contracts are the future! This is the same as the beginning of the Internet. Money will never be the same again.
Of the several ICO scams that resulted in local victims, the BitConnect scheme had the most success there. As a result of global fraud, at least $ 3 billion was received and authorities asked to seize the assets of several local promoters. The Asian head of the Pyramid Bitconnect was eventually arrested at Delhi Airport.
