ED Cracks Down on Cryptocurrency Scam Worth Rs 500 Crores

The Directorate of Enforcement (ED) has made significant strides in cracking down on cryptocurrency scams by arresting three key individuals in connection with a massive Rs 500-crore scam.

The arrests were made by the Shimla sub-zonal office of ED on Friday, marking a crucial development in the ongoing investigation. Milan Garg, Sukhdev Thakur, and Abhishek Sharma are among those arrested under Section 19(1) of the Prevention of Money Laundering Act (PMLA), 2002.

The mastermind behind the scam, Subhash Sharma, is still absconding. Investigation has revealed that Sharma launched a cryptocurrency-based multi-level marketing scheme in 2018, targeting over 248,000 users and resulting in an estimated loss of approximately Rs 500 Crore to innocent investors.