One of the Main Accused Arrested in Alleged $240 Million Crypto Scam in India
A Special Investigation Team (SIT) in India carried out extensive searches at 41 locations in the state of Himachal Pradesh on Sunday as part of the ongoing investigation into the alleged $240 million crypto scam.
The operation resulted in the arrest of Abhishek Sharma, one of the main accused who had been evading capture, police told local media today.
Abhishek Sharma, a resident of Una district, was identified as one of the primary individuals involved in the scam that began its illicit operations back in 2018.
The alleged kingpin of the multi million crypto scam, identified as Subash, is still at large.
At the core of this fraudulent scheme were promises of substantial returns through an investment plan related to a locally created cryptocurrency known as “Korvio Coin” or KRO coin.
Initially, the scame was alleged to be at around $24 million, but amid ongoing investigations police estiamtes the scam to be somewehere around 2000 crore INR ($240 million).
Authorities Obtain Crucial Evidence in Crypto Scam
The SIT’s thorough searches at 25 different locations within Himachal have yielded crucial evidence pivotal to the ongoing investigation.
This evidence includes incriminating documents, property records, mobile phones, and various digital devices, as stated in an official release.
Raid locations extended to numerous remote villages with indications that some influential individuals were among those whose premises were searched.
The individuals under scrutiny encompassed a wide spectrum, including government employees, former employees, and even police personnel, reflecting the depth of the scheme’s penetration into various sectors.
Previously, two key accused, Sukhdev and Hemraj, were apprehended in Gujarat. During investigations, they confessed to staggering outstanding liabilities totaling ₹400 crore.
Accused to Remain in Police Custody for Five Days
Abhishek Sharma, the newly arrested accused, has been remanded to five-day police custody by a local court, signifying a significant development in the case.
The evidential findings amassed during these searches are anticipated to play a crucial role in the ongoing investigation, drawing authorities closer to holding the responsible parties accountable for their actions.
So far, ten individuals have been arrested in connection with the sprawling cryptocurrency fraud.
Over 100,000 victims were duped in this alleged fraud, and the SIT discovered 250,000 IDs, including multiple IDs of the same person.
As reported earlier, among the victims were over a thousand police personnel, some of whom suffered substantial financial losses.
Director General of Police Sanjay Kundu emphasized that the investigation is progressing methodically and that all individuals involved in the scam will be dealt with according to the law.
With no regulations in place for the crypto industry, India is currently witnessing a huge surge in crypto-related frauds.