{"id":78312,"date":"2023-10-30T01:58:34","date_gmt":"2023-10-30T05:58:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/one-accused-arrested-in-alleged-240-million-crypto-scam-in-india\/"},"modified":"2023-10-30T01:58:37","modified_gmt":"2023-10-30T05:58:37","slug":"one-accused-arrested-in-alleged-240-million-crypto-scam-in-india","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=78312","title":{"rendered":"One Accused Arrested in Alleged $240 Million Crypto Scam in India"},"content":{"rendered":"<div>\n<figure id=\"attachment_122427\" aria-describedby=\"caption-attachment-122427\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-122427\" class=\"wp-caption-text\">Source: Pexels<\/figcaption><\/figure>\n<p>A Special Investigation Team (SIT) in India carried out extensive searches at 41 locations in the state of Himachal Pradesh on Sunday as part of the ongoing investigation into the alleged $240 million crypto scam.<\/p>\n<p>The operation resulted in the arrest of Abhishek Sharma, one of the main accused who had been evading capture, police told local media today.<\/p>\n<p>Abhishek Sharma, a resident of Una district, was identified as one of the primary individuals involved in the scam that began its illicit operations back in 2018.<\/p>\n<p>The alleged kingpin of the multi million crypto scam, identified as Subash, is still at large.<\/p>\n<p>At the core of this fraudulent scheme were promises of substantial returns through an investment plan related to a locally created cryptocurrency known as \u201cKorvio Coin\u201d or KRO coin.<\/p>\n<p>Initially, the scame was alleged to be at around $24 million, but amid ongoing investigations police estiamtes the scam to be somewehere around 2000 crore INR ($240 million).\n<\/p>\n<h2>Authorities Obtain Crucial Evidence in Crypto Scam<\/h2>\n<p>\nThe SIT\u2019s thorough searches at 25 different locations within Himachal have yielded crucial evidence pivotal to the ongoing investigation.<\/p>\n<p>This evidence includes incriminating documents, property records, mobile phones, and various digital devices, as stated in an official release.<\/p>\n<p>Raid locations extended to numerous remote villages with indications that some influential individuals were among those whose premises were searched.<\/p>\n<p>The individuals under scrutiny encompassed a wide spectrum, including government employees, former employees, and even police personnel, reflecting the depth of the scheme\u2019s penetration into various sectors.<\/p>\n<p>Previously, two key accused, Sukhdev and Hemraj, were apprehended in Gujarat. During investigations, they confessed to staggering outstanding liabilities totaling \u20b9400 crore.\n<\/p>\n<h2>Accused to Remain in Police Custody for Five Days<\/h2>\n<p>\nAbhishek Sharma, the newly arrested accused, has been remanded to five-day police custody by a local court, signifying a significant development in the case.<\/p>\n<p>The evidential findings amassed during these searches are anticipated to play a crucial role in the ongoing investigation, drawing authorities closer to holding the responsible parties accountable for their actions.<\/p>\n<p>So far, ten individuals have been arrested in connection with the sprawling cryptocurrency fraud.<\/p>\n<p>Over 100,000 victims were duped in this alleged fraud, and the SIT discovered 250,000 IDs, including multiple IDs of the same person.<\/p>\n<p>As reported earlier, among the victims were over a thousand police personnel, some of whom suffered substantial financial losses.<\/p>\n<p>Director General of Police Sanjay Kundu emphasized that the investigation is progressing methodically and that all individuals involved in the scam will be dealt with according to the law.<\/p>\n<p>With no regulations in place for the crypto industry, India is currently witnessing a huge surge in crypto-related frauds.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/one-arrested-in-alleged-240-million-crypto-scam-in-india.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pexels A Special Investigation Team (SIT) in India carried out extensive searches at 41 locations in the state of Himachal Pradesh on Sunday as part of the ongoing investigation into the alleged $240 million crypto scam. The operation resulted in the arrest of Abhishek Sharma, one of the main accused who had been evading [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":78313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-78312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>One Accused Arrested in Alleged $240 Million Crypto Scam in India | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pexels A Special Investigation Team (SIT) in India carried out extensive searches at 41 locations in the state of Himachal Pradesh on Sunday as\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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