Reliance Jio Infocomm Limited ("Jio"), a subsidiary of Reliance Industries Limited ("RIL") has issued a statement in which the telco said that it has not launched any JioCoin application.
The company said that "Reliance Jio has come across reports in media and other websites about the existence of purported JioCoin Apps on the Internet that are soliciting investments in cryptocurrencies from people."
"Reliance Jio would like to inform the public and media that there are no such apps offered by the company or its affiliates/ associates. Any such apps using the JioCoin name are fake, and people are advised to refrain from dealing with any of them," Jio statement added.
The statement further added, "Reliance Jio takes a serious note of such fraudulent attempts by unscrupulous persons to misguide the public in the name of Jio and reserves the right to take appropriate legal recourse."
While according to some report the app had crossed 10,000 downloads by the time Jio issued the statement.
The clarification comes after a mobile app on Google store was seen with the name of Jio Coin a few days back.
In fact, Google has also removed more than 700,000 apps from Google Play Store in 2017.
"The company plans to hire 50 young professionals with the average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products," a report by LiveMint said.
"One (application) is cryptocurrency. We can deploy smart contracts. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin," the report added.