8 new arrests, involving 1,000 police officers


While the incident investigation is ongoing cheat Local authorities in India have arrested eight more people involved in cryptocurrencies worth $300 million, further exposing a fraud network that has ensnared some 100,000 victims. The ongoing scandal has sent shockwaves across the country because it now involves not only the alleged fraudsters, but also law enforcement officials.

The sophisticated scam, centered in Himachal Pradesh, was discovered in late September and authorities suspect it may have begun as early as 2018. Scammers lure victims with the opportunity to invest in a local cryptocurrency called Korvio Coin (KRO coin). There are many other cryptocurrencies used through scam websites, including at least one case of “pull and pull,” where investors purchased tokens only to have the cryptocurrency project cancelled.

Particularly surprising in this case is the involvement of police officers, including four recently arrested officers. According to findings by the Special Investigation Team (SIT), victims of the scheme included 5,000 government officials and approximately 1,000 police officers.

The police’s involvement enhanced the apparent legitimacy of the scam. More than 1,000 police officers were implicated in the conspiracy; some were duped, while others profited handsomely. Amazingly, some people even voluntarily become promoters of scam cryptocurrencies, which further complicates the problem.

The Himachal Pradesh scam was investigated for more than two years, during which time the local police station received around 56 complaints. In coordination with regional police teams, the investigation expanded to include multiple agencies, including the Law Enforcement Directorate. An extensive investigation led by the SIT, which conducted dozens of searches in late October, resulted in the discovery of around 2.5 lakh identity cards linked to the suspects.

The huge profits made by those involved clearly demonstrate the seriousness of this fraud. The investigation found that more than 100 people allegedly made $240,000 each from the scheme, and another 200 people allegedly made approximately $120,000 each.

While a total of 18 people have been arrested so far, the alleged mastermind, Subhash Sharma, has yet to be arrested. Authorities have identified and seized several assets linked to Sharma as part of ongoing efforts to bring the villain to justice.

The unraveling of a $300 million cryptocurrency scam revealed the profound complexity of the case, which has had a profound impact on government officials, law enforcement and countless victims.

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according to AZCoin News


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