The Indian authorities have made eight fresh arrests in connection with a $300 million cryptocurrency scam that duped around 100,000 people, according to local news outlet The Times of India.
Unrevealing of a Massive Crypto Scam
Four police officers are among the most recent individuals who have been arrested. However, the rank or identity of those arrested remains unknown. The massive scam came to light in late September, and since then, the Indian authorities have made 18 arrests. However, its mastermind, Subhash Sharma, is still at large.
According to local reports, the crypto scam started in India in 2018. Its victims include 5,000 government officials and around 1,000 police personnel in a northern state of the country. In the past two years, around 56 complaints were filed against the scam.
Authorities Are Involved
The perpetrators primarily sold investments linked to a local cryptocurrency called Korvio Coin (KRO coins). They also reportedly sold several other cryptocurrencies through fake websites. At least one of those cryptocurrencies was a rug pull, as the developers abandoned the project after receiving the investment.
The entire scam gained an aura of legitimacy because of the involvement of police personnel. Some of them made massive gains, while many volunteered to become promoters. Additionally, more than 100 people earned about $240,000 each in profits from the scam, while another 200 made around $120,000 each.
The massive scam is now being investigated by multiple agencies in the country, including the Enforcement Directorate, which is the top body to tackle financial crimes, and regional police, led by a Special Investigation Team. As a part of the investigation, the authorities searched dozens of places in late October and discovered around 250,000 identification cards linked to the suspects.
The Enforcement Directorate also implicated the role of five women in the scam, who allegedly worked as the agents of the now-abosconding prime suspect of the scam.
This article was written by Arnab Shome at www.financemagnates.com.
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