Recently, according to the local Indian news media "The Times of India", the Indian authorities have arrested eight more people related to a $300 million cryptocurrency fraud that deceived approximately 100000 people.
Four police officers have been arrested recently. However, the level or identity of the arrested person is still unknown. This large-scale scam was exposed in late September, and since then, Indian authorities have arrested 18 people. However, its mastermind, Subas Sharma, remains at large.
According to local reports, the cryptocurrency scam began in India in 2018. The victims include 5000 government officials and approximately 1000 police officers from a state in the northern part of the country. In the past two years, there have been approximately 56 complaints against the scam.
Criminals mainly sell investments related to the local cryptocurrency Korvio Coin (KRO coin). According to reports, they also sold several other cryptocurrencies through fake websites. At least one of these cryptocurrencies is insignificant because the developer abandoned the project after receiving the investment.
The entire scam gained a legal halo due to the involvement of police personnel. Some of them have received huge profits, while many have voluntarily become promoters. In addition, over 100 people profited approximately $240000 per person from the scam, while another 200 people profited approximately $120000 per person.
Currently, multiple institutions in the country are investigating this large-scale scam, including the Law Enforcement Bureau, the highest institution to combat financial crime, and the regional police led by a special investigation team. As part of the investigation, the authorities searched dozens of locations at the end of October and discovered approximately 250000 identification documents related to the suspect.
The law enforcement agency also hinted at the role of five women in the scam, claiming they were agents of the main suspects currently on the run.
