Indian authorities arrested eight more people in connection with the massive illegal cryptocurrency scheme dating back to 2018.
Indian authorities arrested eight more people in connection with the massive illegal cryptocurrency scheme dating back to 2018, which defrauded over 100,000 people of a staggering $300 million (2500 crore Indian rupees), bringing the total number arrested to 18.
Four of the eight arrested are law enforcement officers. The victims of this scam include 5,000 government employees and around 1,000 police personnel, according to findings by a Special Investigation Team (SIT).
The scam, which revolved around a local cryptocurrency called Korvio Coin (KRO coins), was discovered in late September, but investigations indicate that it may have begun as early as 2018. Through fake websites, fraudsters sought ignorant victims with investment schemes including Korvio Coin, which were eventually expanded to include other cryptocurrencies.
Local police received a total of 56 complaints about the crypto scam between 2021 and 2023. Following these reports, multiple agencies, including the Enforcement Directorate, collaborated with regional police teams to launch an extensive investigation led by the SIT.
Hundreds of searches took place in late October, resulting in the recovery of around 250,000 identification cards related to suspects. According to the investigations, more than 100 people made $240,000 each from the fraud, while another 200 made around $120,000 each.
While 18 people have been arrested thus far, the alleged mastermind of the operation, Subhash Sharma, remains at large. Authorities, on the other hand, have found and seized multiple properties linked to Sharma. The Enforcement Directorate is also investigating the activities of five women suspected of acting as Sharma's agents or promoters.
Deputy Chief Minister of Himachal Pradesh, Mukesh Agnihotri, has notified the public to expect further arrests as the investigation progresses and authorities have obtained the list of individuals who had invested in the scheme.
This comes as the Thai authorities recently cracked down a fraudulent crypto scheme worth $277 million, with the help of Binance and U.S. authorities.
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