An unprecedented $24 million cryptocurrency fraud case has recently emerged in India, involving one Subhash Sharma, the approved intellect behind this elaborate deceit. Thousands of unsuspecting investors from Himachal Pradesh thrived, as well as other northwestern states of India, stood as victims to his felonious business run. Despite the concentrated efforts of the Special Investigation Team (SIT) who were closing in on his apprehension, Sharma succeeded in absconding from the confines of the Indian borders.
The disconcerting magnitude of this financial dupery first echoed in the public sphere through independent legislator Hoshyar Singh in Himachal Pradesh state assembly, pricing this act of deception over $24 million. This incident magnifies the rampant rise in cryptocurrency scams currently orchestrating in India, leaving its victims ensnared in a regulatory void bereft of laws, norms, and procedures to probe into such delinquencies.
Officers, deep within the SIT’s sanctum, quote that Sharma’s trail led to Dubai. Nevertheless, his exact global coordinates remain shrouded in mystery. In echoing with this complication, Indian law enforcement agencies, too, are now redoubling their attempt to re-establish contact with the criminal along with involving Interpol and central agencies. They aim to issue a Red Corner Notice, thus hastening Sharma’s extradition process back to India.
Sharma and his criminal affiliates lured unsuspecting investors into this fraudulent labyrinth using “Korvio Coin”. They boasted inflated returns and false values that eventually led to significant monetary losses for the innocent investors.
When suspicions began to rise regarding the legitimacy of the Korvio Coin, Sharma and his associates launched new cryptocurrencies called “DGT Coin” and “BTPP Token”. They manipulated the terms and values of these new introductions, thereby pulling the investors further into their deceptive scheme. Aggrieved investors, in seeking refunds or voicing dissatisfaction, encountered intimidation tactics and threats.
Significant allegations tag against the accused, entailing charges of cheating, fraud, criminal conspiracy, and money laundering, which incorporate severe consequences. Owing to Sharma’s conniving talents, this malicious machine ran its course of operations for approximately five years, which began in 2018-19. Currently, ten cases stand under investigation by the SIT, and more than 50 complaints are undergoing inquiry. Meanwhile, in Gujarat, two crucial figures in this grand fraud scheme, Hemraj and Sukhdev, have been seized by the SIT and are currently undergoing police interrogation and scrutiny.
Source: Cryptonews
