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In a groundbreaking development that has sent shockwaves through the nation and the crypto community, India’s relentless pursuit of justice in the $300 million crypto scam has led to the arrest of eight individuals. The arrest has unraveled a web of deceit that reaches deep into the heart of India’s financial system.&nbsp;
Among the apprehended, a startling revelation emerged—four of them were rogue cops entrusted with upholding the law, now accused of being key players in the elaborate crypto fraud scheme that has left investors reeling.
<h2 class="wp-block-heading" id="indian-authorities-crack-down-on-300m-crypto-scam">Indian authorities crack down on $300M crypto scam</h2>
Indian police have apprehended an additional eight individuals in relation to the extensive illegal <a href="https://www.hindustantimes.com/cities/chandigarh-news/ed-probing-role-of-five-women-in-himachal-crypto-currency-fraud-101699011559707.html" rel="noopener noreferrer nofollow" target="_blank">crypto operation</a> that originated in 2018. This fraudulent scheme, which victimized more than 100,000 individuals, resulted in an astounding $300 million (2500 crore Indian rupees) in losses. Consequently, the total number of arrests has now reached 18.&nbsp;
Four out of the total of eight individuals who were apprehended are members of the law enforcement profession in India.&nbsp; According to the findings of a Special Investigation Team (SIT), around 5,000 government employees and around 1,000 police personnel have fallen victim to this scam.&nbsp;
The fraudulent scheme, centered on a regional digital currency known as Korvio Coin (KRO coins), was uncovered in late September. However, inquiries suggest that its inception may date back as far as 2018.&nbsp;&nbsp;&nbsp;
How did the crypto scam go down? Fraudsters targeted unsuspecting victims through deceptive websites, offering investment opportunities such as Korvio Coin and later expanding to include other cryptocurrencies.&nbsp;
The local police received a total of 56 complaints regarding the crypto fraud spanning from 2021 to 2023. Subsequently, other agencies, such as the Enforcement Directorate, joined forces with regional police units to initiate a comprehensive investigation under the supervision of the SIT.
In late October, hundreds of <a href="https://www.cryptopolitan.com/india-crypto-sit-raid-himachal-pradesh/" rel="noopener noreferrer nofollow">investigations</a> were conducted, which yielded the recovery of approximately 250,000 identification cards associated with suspects. Investigations indicate that over 100 people each earned $240,000 from the fraud, while an additional two hundred earned approximately $120,000.
<h2 class="wp-block-heading" id="crypto-scams-put-india-s-government-on-regulatory-alert">Crypto scams put India’s Government on regulatory alert&nbsp;</h2>
Although 18 individuals have been apprehended thus far, the purported orchestrator of the crypto scam, Subhash Sharma, is still evading capture.&nbsp; Authorities, however, have discovered and confiscated numerous assets associated with Sharma.&nbsp;&nbsp;
In addition, the Enforcement Directorate is conducting an investigation into the actions of five women who are believed to have served as agents or promoters for Sharma.&nbsp;
Mukesh Agnihotri, the Deputy Chief Minister of Himachal Pradesh, has informed the public that more arrests can be expected as the<a href="https://www.cryptopolitan.com/brics-nears-agreement-on-joint-currency-awaits-china-and-indias-endorsement-says-ex-russian-minister/" rel="noopener noreferrer nofollow"> investigation</a> continues and the police have acquired the roster of persons who had made investments in the program.
Despite the industry’s best efforts to position itself as a credible digital ecosystem capable of powering the world’s financial system, scams are rampant. Crypto frauds cost victims over $32 million in October 2023 alone.
Canadians in Calgary lost $22.5 million to scammers, while Binance, the world’s largest cryptocurrency exchange, assisted Thai authorities in freezing $277 million in illicit proceeds.&nbsp;
To date, the largest crypto frauds have included OneCoin’s $25 billion operation, BitConnect’s $4 billion scam, and the Bitclub Network scheme, in which victims lost over $700 million.

8 new arrests, including 4 rogue cops, in India’s $300M crypto scam investigation

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