The Mumbai police are set to question Bollywood actor, Shahbaz Khan, over his involvement with a multi-million dollar crypto scam. Last month, the police arrested four people in connection with the scam. The group launched a crypto called Cashcoin last year, and were promising investors that they could double their money in as little as two months.
Shahbaz Khan, an actor with over 200 credits in Hindi television and Bollywood, and even appeared in the 2018 Chinese blockbuster film ‘Dying to Survive’, was approached by CashCoin to help promote their company. Police believe that he spoke at Cashcoin seminars and personally told investors that Cashcoin would be a lucrative investment. Police also believe that he was paid for social media posts that promoted the project. There is a youtube video of him inviting potential investors to the Indian city or Surat to attend a Cashcoin event.
Translated from Hindi, he said: “I will be in Surat on January 5, 2017, for promoting Cashcoin. As we all know that the future belongs to the cashless trend, we also know how much important role cryptocurrencies would play. So, we’ll meet at the event to know more about Cashcoin”.
From Bollywood To Prison?
Police inspector Sunil Jadhav said after the arrest of the other four men, that they held meetings in “Mumbai, Surat, and other parts of Gujarat, and lured people into investing their hard-earned money by promising to double it in two months”. He added that initially, the gang repaid a few investors to lure more people in and then defaulted.
The four men have been charged with cheating, breach of trust, and criminal conspiracy under the Indian Penal Code and sections of the Information Technology Act.
If Khan is found guilty of the same charges, he could end up facing a prison sentence, as well as being forced to compensate for investor losses.