Indian Authorities Prepare Chargesheet Against 3 Accused in $240M Crypto Scam
The Special Investigation Team formed to investigate the alleged $240 million crypto fraud in India is set to file chargesheet against the three main accused this week. Over 100,000 victims were duped in a multilevel fake crypto scheme that involved over 1000 police officials. Initially estimated to be around $24 million, investigations found the fraud to be over $240 million.
Police Arrested 19 Individuals Linked to Crypto Fraud
As many as 19 individuals have been arrested so far in the massive crypto scam in India, and property worth millions has been confiscated by the police. The chargesheet will be filed against three accused under Sections 420 and 120 B of the IPC and Sections 21 and 23 of the Banning of Unregulated Deposit Scheme, 2019.
Main Accused Remains at Large
The main accused, Subhash Sharma, has fled the country and is believed to be hiding in Dubai. The police are in the process of procuring an arrest warrant against him. The chargesheet will be filed at the Shimla sessions court within a week.
The accused initiated the sale of Korvio (KRO) and DGT cryptocurrency coins, promising substantial returns of up to 10% per month. Social media promotion claiming significant profits attracted initial investors and expanded the consumer base. The police have received over 300 complaints from victims of the scam.
Hot Take: Indian Authorities Crack Down on Massive Crypto Scam
The Indian authorities are taking action against a massive crypto scam that defrauded over 100,000 victims of more than $240 million. With arrests made and property confiscated, efforts are underway to bring the main accused to justice. The chargesheet being filed this week marks a significant step in the investigation. This case highlights the importance of conducting thorough due diligence before investing in cryptocurrencies and being cautious of promises of high returns. As the crypto industry continues to grow, it is crucial for regulators and law enforcement agencies to remain vigilant and take swift action against fraudulent schemes.
By
By
By
By
By