The mastermind behind a massive $24 million cryptocurrency scam in India has skillfully evaded the grasp of Indian security agencies. Consequently, this individual has successfully managed to abscond from the nation.
The culprit in question is identified as Subhash Sharma. He executed his escape at a critical moment when law enforcement agencies were closing in on him. This fact has been corroborated by official sources who shared this information with local media outlets.
Notably, Subhash Sharma is purportedly the mastermind behind this massive cryptocurrency scam. The scheme caused significant financial turmoil for numerous investors in Himachal Pradesh and various other northwestern regions of India.
Consequently, he became the central focus of an extensive inquiry. This investigation was led by a Special Investigation Team (SIT).
Furthermore, the cryptocurrency scam’s scale first came to public attention through the efforts of independent legislator Hoshyar Singh. He raised the issue during a session of the Himachal Pradesh state assembly. Singh’s estimate of the scam’s magnitude surpassed $24 million (equivalent to Rs 200 crore).
As previously mentioned, India is currently experiencing a surge in cryptocurrency fraud cases. This has left victims trapped in a legal quagmire, with no established regulatory framework or procedures in place to investigate these transgressions.
Contemplations of Enlisting Interpol’s Aid in Apprehending the Cryptocurrency Scam Architect
Insiders within the SIT have disclosed that Subhash Sharma is suspected to have fled to Dubai. However, his exact overseas location remains cloaked in mystery.
Law enforcement agencies are currently intensifying their efforts to locate him. Discussions are ongoing regarding the potential involvement of Interpol and central agencies. This is to issue a Red Corner Notice for his extradition to India.
The audacious cryptocurrency swindle was exposed when investors started reporting significant financial losses. They had been lured by promises of exorbitant returns and extravagant claims associated with a fraudulent digital currency called “Korvio Coin.”
Sharma and his associates stand accused of orchestrating manipulative maneuvers in cryptocurrency markets to their advantage, inflicting considerable financial distress upon unsuspecting investors.
Perpetrators Orchestrated the Cryptocurrency Scam Over a Span of Five Years
As doubts began to surround “Korvio Coin,” the culprits took a new approach. They introduced new cryptocurrencies, namely “DGT Coin” and “BTPP Token.” Simultaneously, they adjusted terms and valuations, all to the detriment of investors. These investors unwittingly found themselves caught in this intricate web of deceit.
Investors who endeavored to claim reimbursements or voiced their dissatisfaction allegedly encountered threats and intimidation tactics.
Moreover, online records and websites linked to the fraudulent cryptocurrencies were expunged, potentially erasing vital traces of evidence. The legal charges against the accused encompass allegations of deceit, fraud, criminal collusion, and money laundering, all carrying significant punitive consequences.
The fraudulent scheme was set in motion during the years 2018-19 and persisted for approximately three years, with ten cases currently under scrutiny by the SIT and over 50 complaints undergoing investigation.
Two central figures implicated in the scam, Hemraj and Sukhdev, have been apprehended by the SIT in Gujarat, securing police custody for further examination.
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