300 million dollars in India cryptocurrency There has been an important development in the ongoing investigation into the fraud. Local authorities arrested eight more suspects and began to uncover those responsible for the network that ensnared nearly 100,000 victims. The resulting scandal shocked the nation as it now involved not only the alleged fraudsters but also law enforcement.
The elaborate scam, based in Himachal Pradesh, was detected in late September. However, authorities suspect that the crimes in question may have started as early as 2018. Scammers lured potential victims with investment opportunities in a local cryptocurrency known as Korvio Coin (KRO coin). As the investigation progressed, it became clear that other cryptocurrencies were also being used through fake websites, and there was at least one instance of a “rug-pull” where a cryptocurrency project was abandoned after investors purchased tokens.
A surprising detail about this case is that four police officers were among the latest arrests. According to the findings obtained by the Special Investigation Team (SIT), the victims of the fraud included 5,000 public servants and approximately 1,000 police personnel.
The Himachal Pradesh scam has been investigated for over two years, during which time around 56 complaints have been received at local police stations. The investigation involved multiple institutions, including the Enforcement Directorate in cooperation with regional police teams. The extensive investigation by the SIT gained momentum with dozens of searches conducted in late October, leading to the discovery of nearly 250,000 ID cards linked to the suspects.
The magnitude of the fraud is evident from the significant profits made by those involved. Investigations have uncovered more than 100 people who allegedly profited $240,000 each from the fraud, while another 200 people are believed to have made around $120,000 each.
While a total of 18 people have been arrested so far, Subhash Sharma, who is alleged to be in charge of the incident, is still free. Authorities have identified and seized several properties linked to Sharma as part of their ongoing efforts to bring those responsible to justice.
The unraveling of this $300 million cryptocurrency fraud revealed the profound complexity of the case, with its far-reaching impact on government officials, law enforcement personnel, and countless victims. As investigations continue, new revelations are expected to emerge that will shed light on the true extent of this elaborate and shocking hoax that has shaken many in India.