Mastermind Behind $24 Million Crypto Fraud Scheme Evades Indian Authorities
A massive crypto fraud scheme in India, worth $24 million, has been orchestrated by a criminal mastermind named Subhash Sharma. However, just as Indian security agencies were closing in on him, Sharma managed to escape the country and evade capture. This news was confirmed by authorities to local media.
Sharma was the alleged architect of this large-scale crypto scam that affected numerous investors in Himachal Pradesh and other states in northwestern India. A Special Investigation Team (SIT) had been conducting an intensive investigation into his activities.
The extent of the crypto fraud came to light when independent legislator Hoshyar Singh estimated the losses to be over $24 million (Rs 200 crore) during a state assembly session in Himachal Pradesh.
India is currently experiencing a surge in crypto fraud cases, leaving victims without proper regulations or procedures to address these crimes.
Efforts to Catch Crypto Scam Mastermind Involve Interpol
Sources within the SIT revealed that Subhash Sharma is suspected to have fled to Dubai, although his exact location remains unknown. Law enforcement agencies are now intensifying their efforts to locate him, with discussions underway about involving Interpol and central agencies to issue a Red Corner Notice for his extradition.
The audacious crypto scam involving Sharma came to light when investors began reporting significant losses after being enticed by promises of high returns linked to a fake cryptocurrency called “Korvio Coin.” Sharma and his associates manipulated cryptocurrency prices for their own gain, causing substantial financial harm to unsuspecting investors.
Fraudsters Ran Crypto Scam for Five Years
When suspicions arose regarding “Korvio Coin,” the suspects introduced new cryptocurrencies such as “DGT Coin” and “BTPP Token,” altering terms and values to the detriment of investors. Those who sought refunds or expressed dissatisfaction were allegedly subjected to threats and intimidation tactics. Online records and websites associated with the fraudulent cryptocurrencies were deleted, potentially erasing crucial evidence.
The accused face serious charges including cheating, fraud, criminal conspiracy, and money laundering. The scam began in 2018-19 and continued for approximately three years, with ten cases currently under investigation by the SIT and over 50 complaints being examined.
While Subhash Sharma remains at large, two key figures in the scam, Hemraj and Sukhdev, have been arrested by the SIT in Gujarat.
Hot Take: India’s Battle Against Crypto Fraud
India’s struggle to combat crypto fraud continues as criminals exploit regulatory loopholes and lack of oversight. The case of Subhash Sharma highlights the need for stronger measures to protect investors from fraudulent schemes. With the rise of cryptocurrencies, it becomes crucial for authorities to establish robust frameworks and regulations to prevent such scams.
Additionally, international cooperation through organizations like Interpol is essential in tracking down fugitives involved in cross-border crypto fraud. Only through coordinated efforts can countries effectively tackle these sophisticated crimes that harm innocent individuals.
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