Indian authorities are stepping up efforts to repatriate from the United Arab Emirates the alleged mastermind behind a massive cryptocurrency scam, valued at $240 million. An extradition hearing is scheduled for December 4 in the Emirates.
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The mastermind of a $240m crypto scam takes refuge in Dubai, India demands his extradition
The Indian authorities are stepping up their efforts to repatriate the alleged mastermind of a massive cryptocurrency scam from the United Arab Emirates. The loot embezzled would amount to no less than $240 million according to the latest estimates. A crucial extradition hearing for the number 1 suspect, Subhash Chand, is scheduled to appear before the Emirates justice on December 4.
After nearly two months of painstaking investigation, Indian investigators have uncovered an exceptionally sophisticated fraud scheme. It all began in 2018, when police uncovered a scheme using cryptocurrencies to defraud members of law enforcement, government officials and business leaders. More 1000 Indian policemen are said to have been defrauded in this fraud.
According to local media, the Himachal Pradesh state police have just handed prosecutors an explosive 2,100-page report revealing the details of a nationwide scam. It reveals that the initial estimated loss of 20 million dollars was underestimated: in fact, the equivalent of 240 million dollars. !
The indictment includes the names of Hemraj, Sukhdev and Abhishek, considered to be Chand’s main accomplices.. The investigation also revealed how cryptocurrencies were used to launder funds before they were routed to India via informal networks.
More than 250,000 false identities created to entrap victims
The police investigation discovered that the crooks had created more than 250,000 false identities in Himachal Pradesh alone to lure their victims. Government employees, police officers and businessmen were allegedly trapped via a crypto Ponzi scheme. Some of the high-ranking officials involved have opted for early retirement.
So far, 19 suspects have been apprehended in this case. Police also seized the equivalent of 2.2 million in assets belonging to 8 defendants. The embezzled sums were allegedly laundered and reinvested throughout India by members of the network.
While the extradition procedure continues, the Indian authorities are working hard to obtain an international arrest warrant for Chand from the Emirati courts. India is determined to bring the mastermind of this massive cryptocurrency fraud to justice..
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
