According to local media sources, Subhash Sharma, the accused leader of the operation, is still at large, and four police officers were among those arrested.
Up to 18 persons, including four police officers, are reportedly being held by Indian authorities on suspicion of being involved in a $300 million cryptocurrency fraud.
As to local sources, inquiries into the Himachal Pradesh fraud, which deceived around 100,000 individuals, are still ongoing.
Indian Police Detain 8 Additional Suspects in $300M Crypto Fraud,Indian Police Detain 8 Additional Suspects in $300M Crypto Fraud
According to local media reports from Monday, eight further arrests have been made in India, where a $300 million (2500 crore Indian rupees) cryptocurrency fraud that deceived almost 100,000 individuals is still being investigated.
According to one source, those arrested included four police officers. A Special Investigation Team (SIT) has found that about 1,000 police officers and 5,000 government officials were victims of the Himachal Pradesh scam.
Although the scam was discovered in late September, it may have started as early as 2018. Con artists approached potential victims with investment schemes utilising the local cryptocurrency Korvio Coin (also known as KRO coins).
Later on, it was discovered that a number of other cryptocurrencies were utilised on fraudulent websites. At least one of these instances included a project that was shelved after token sales had occurred.
Due to the involvement of law enforcement, the hoax seems to have acquired an unparalleled level of credibility. According to local officials, over one thousand police officers participated in the plan; the majority were tricked, a few made significant profits, and others offered their services and became promoters.
In the previous two years, police stations received about 56 complaints. Since then, a comprehensive investigation headed by the SIT has been conducted by several agencies, including the Enforcement Directorate and local police units.
About 250,000 identity cards connected to suspects were found during dozens of searches in late October. According to reports from the investigations, more than 100 persons made $240,000 or more from the fraud, while another 200 made about $120,000 apiece.
Up to 18 people have been taken into custody thus far, but Subhash Sharma, the accused kingpin, is still at free. Numerous properties connected to Sharma have been located and taken.
According to a different story, the Enforcement Directorate is also looking into the involvement of five women who may have served as the kingpin’s agents or promoters.
When CoinDesk asked the Himachal Pradesh State Police for comment, they did not answer right away.
Indian Police Detain 8 Additional Suspects in $300M Crypto Fraud,Indian Police Detain 8 Additional Suspects in $300M Crypto Fraud,Indian Police Detain 8 Additional Suspects in $300M Crypto Fraud, Crypto Fraud news, Crypto Fraud News