Irish Journalist: “Irish Authorities Bust 8 More Suspects in Jaw-Dropping $300M Crypto Scam!

"Massive $300 Million Crypto Scam Unearthed in India; 18 Arrested, Including Corrupt Police Officers"

Indian authorities have made a significant breakthrough in a major crypto scam, arresting 18 individuals, including four police officers, who are suspected of involvement in a scheme that defrauded approximately 100,000 people out of $300 million. The investigation into the Himachal Pradesh scam is ongoing, with local reports confirming that eight new arrests have been made.

The $300 million crypto scam, which has been unraveling in India, has duped around 100,000 victims, according to local media reports. The recent arrests include four police officers, highlighting the shocking involvement of law enforcement personnel in the fraudulent scheme. The victims of the Himachal Pradesh scam include 5,000 government officials and approximately 1,000 police personnel, as revealed by a Special Investigation Team (SIT).

The scam first came to light in late September, but it appears to have been in operation since 2018. The fraudsters targeted potential victims with investment plans involving a local cryptocurrency called Korvio Coin (KRO coins). However, they later introduced several other cryptocurrencies through fake websites, with at least one project being abandoned after people had already invested in the token. This scam gained credibility due to the involvement of police personnel, with over 1,000 officers becoming participants. While some were deceived, others willingly promoted the scheme, resulting in a significant number of people falling victim to the scam.

Over the past two years, approximately 56 complaints related to the scam were filed with various police stations. As a result, multiple agencies, including the Enforcement Directorate, joined forces with regional police teams to launch a comprehensive investigation led by the SIT. In late October, a series of searches were conducted, leading to the discovery of around 250,000 identification cards linked to the suspects.

During the course of the investigation, it was revealed that more than 100 individuals had earned profits of $240,000 each from the scam, while another 200 made around $120,000 each. So far, 18 arrests have been made, but the alleged mastermind behind the operation, Subhash Sharma, remains at large. Authorities have identified and seized several properties associated with Sharma.

In addition to the ongoing investigation, the Enforcement Directorate is also looking into the involvement of five women who are suspected of working as agents or promoters for Sharma. Their role in the scam is currently under scrutiny.

CoinDesk reached out to the Himachal Pradesh State Police for comment but did not receive an immediate response. This crypto scam is the latest in a series of investigations by Indian authorities into fraudulent activities within the cryptocurrency industry. At least 10 crypto exchanges are currently under investigation for alleged money laundering activities.

Martin Reid

Martin Reid

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