Web3 and the blockchain ecosystem are witnessing an exponential surge of interest in India. The Indian government is still maintaining its wait and watch policy after implying heavy taxes on trading linked to crypto assets. However, India’s Central Bureau of Investigation (CBI) m...
Web3 and the blockchain ecosystem are witnessing an exponential surge of interest in India. The Indian government is still maintaining its wait and watch policy after implying heavy taxes on trading linked to crypto assets. However, India’s Central Bureau of Investigation (CBI) moved ahead to appoint a digital asset custodian to manage seized digital assets.
Can CBI stop digital assets scams?
According to reports, the premier investigating police agency CBI appointed Liminal to manage seized digital assets in a secured non-custodial manner. The digital asset custodian firm has already assisted the CBI in operations by creating multi-sig and multi-party computation wallets in order to store seized assets during the investigations.
It added that the Central Bureau of Investigation officers have expressed their appreciation for the collaboration and support provided during the ground operations. Liminal stated that it continues to expand and explore its role in safeguarding digital assets by dedicating the highest standards of security.
Crypto scams amid heavy taxationDespite imposing hefty taxes, India has seen some of the biggest crypto scams in the recent past. The authorities recently made eight new arrests linked to an ongoing investigation into a cryptocurrency scam that amounted to $300 million (approx 2500 crore Indian rupees). However, four of the apprehended persons reportedly turned out to be police officers.
The scam into light around late September and targeted around 100k individuals. This included 5,000 government officials and 1,000 police personnel, revealed a Special Investigation Team (SIT) investigation.
The fraudsters allegedly approached victims by promoting investment schemes involving a local cryptocurrency called Korvio Coin (KRO coins). The investigation further revealed that several more digital assets were used via fraudulent websites and one instance of involving a rug pull.
The investigation led by SIT involved major agencies like the Enforcement Directorate (ED). The report mentioned that the searches conducted in late October drove the team to the discovery of around 250,000 identification cards linked to suspects. However, more than 100 people involved in the scam had earned profits of $240,000 each while another 200 made profits of over $120,000 each.
Subhash Sharm, the alleged mastermind of the fraudulent scheme remains absconded, while, 18 arrests have been made so far in the case. The ED is reportedly examining the role of five women suspected of acting as agents or promoters for Sharma.
© Todayq News