Indian authorities scramble to catch crypto scam suspects

Indian Authorities Arrest 8 Additional Suspects in $300M Cryptocurrency Scam, Investigation Ongoing

Indian police have arrested 8 individuals in connection with a $300M crypto scam.

In a shocking turn of events, Indian authorities have arrested a staggering 18 individuals, including four police officers, for their suspected involvement in a mind-boggling $300 million crypto scam. This audacious scheme, known as the Himachal Pradesh scam, left a trail of destruction in its wake, victimizing around 100,000 unsuspecting people. It’s safe to say that these scam artists really had their fingers in many digital pies!

According to local reports, the investigations into this elaborate scam are still ongoing. While the authorities continue to unravel the complexities of this case, eight fresh arrests have already been made. It’s like a real-life game of cat and mouse!

Among the latest busts, what’s particularly jaw-dropping is the fact that four of the apprehended individuals were none other than police officers themselves. That’s right folks, the very people who are meant to serve and protect were caught up in this web of deceit. It’s like having the fox guard the henhouse!

As if that wasn’t shocking enough, a Special Investigation Team (SIT) discovered that the victims of this scam included a whopping 5,000 government officials and around 1,000 police personnel. It seems like nobody was safe from these cunning tricksters!

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The Himachal Pradesh scam started to rear its ugly head in late September, but it seems that the roots of this financial saga go back as far as 2018. What started with investment plans featuring a local cryptocurrency known as Korvio Coin quickly snowballed into a full-fledged scam, complete with fake websites and multiple cryptocurrencies. It’s like a magic show where they kept pulling out more and more rabbits from their hats!

To make matters worse, one of these cryptocurrencies turned out to be a rug pull scam. This means that the project was abandoned after people had already invested in the token. Talk about being left high and dry!

The involvement of police personnel in this scam gave it an unprecedented level of credibility, making it all the more insidious. Over 1,000 cops fell victim to the scheme, with some making enormous gains, others being tricked, and a few even volunteering as promoters of the scam. You could say they were “arrested” by the promise of easy money!

With a staggering 56 complaints filed over the past two years, law enforcement agencies, including the Enforcement Directorate and regional police teams, joined forces to launch a massive investigation led by the SIT. The search operations carried out in late October unveiled over 250,000 identification cards linked to the suspects. It’s like uncovering a treasure trove of evidence!

As the investigation progresses, the numbers are truly mind-boggling. More than 100 people profited a whopping $240,000 each from this scam, while another 200 made around $120,000 each. It’s like they hit the jackpot, all while leaving behind a trail of shattered dreams.

Although 18 arrests have been made so far, the alleged mastermind behind it all, Subhash Sharma, remains at large. However, hope is not lost, as several properties linked to Sharma have been identified and seized. It’s a race against time to bring this kingpin to justice!

But the plot thickens. The Enforcement Directorate is now looking into the suspected involvement of five women who may have worked as agents or promoters for Sharma. It seems like Sharma had his very own army of accomplices!

As the dust of this scandal settles, the Himachal Pradesh State Police have yet to respond to CoinDesk’s request for comment. One can only imagine the chaos that these revelations must have caused within their ranks. Perhaps they were too busy counting their crypto to pick up the phone?

Are you a digital asset investor? Have you ever encountered any scams or shady operations in your journey? Share your experiences in the comments below – we’d love to hear your stories and learn from each other’s lessons!

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