Indian Authorities Prepare Chargesheet Against 3 Accused in $240M Crypto Scam

The Special Investigation Team formed to investigate the alleged $240 million crypto fraud in India will file chargesheet against the three main accused this week.

Over 100,000 victims were duped in an alleged multilevel fake crypto scheme that also involved over 1000 police officials.

The fraud when first unveiled in October was estimated to be at around $24 million but investigations found the fraud to be over $240 million.

Police Arrested 19 Individuals Linked to Crypto Fraud

As many as 19 individuals have been arrested so far in the massive crypto scam in India and property worth millions have been confiscated by the police.

Local media reported that initially the police would file chargesheet in the court against three accused — Hem Raj, Sukhdev and Abhishek — under Sections 420 (cheating and dishonesty) and 120 B (criminal conspiracy) of the IPC and Sections 21 and 23 of the Banning of Unregulated Deposit Scheme, 2019, also called the BUDS Act.

Main Accused Remains at Large

As reported earlier, the main accused in the case, Subhash Sharma, has fled the country and is believed to be hiding in Dubai.

The official heading the special investigation team said the police were in the process of procuring an arrest warrant against the main accused.

The police would file chargesheet at the Shimla sessions court within a week, he added.

The accused allegedly initiated the sale of Korvio (KRO) and DGT cryptocurrency coins to consumers statewide. The promise of substantial returns, reaching up to 10% per month on investments, attracted initial investors. The expansion of the consumer base was further fueled by social media promotion claiming significant profits from cryptocurrency investments.

The police have received over 300 complaints from the victims of the scam.