Narender alias Sonu Dahiya, hailing from Sonipat in Haryana, was arrested from Rithala yesterday following a tip- off, they added.
Arun Kumar approached police with a complaint alleging that he was cheated to the tune of Rs 13.90 lakh by a gang, the police said.
He told police that they lured him into investing in 'Kashhcoin'. The coins were initially launched at a rate of Rs 3.50 per coin and the victim was promised that he would earn a huge profit, they added.
During investigation, some more complainants were received.
Under the guidelines of the Reserve Bank of India, crypto-currencies are not legal in India, the police said.
At these seminars, they would lure people into investing in this coin for earning high profits by claiming that the rate of this coin will cross the cost of 'Bitcoin'. They used to invite eminent personalities to those seminars to attract more and more people, said the officer.
The videos of these seminars were even uploaded on YouTube which aided the police in their probe, the police said.
Raids were conducted in Maharashtra, Rajasthan and Uttar Pradesh.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.