$58M Crypto Scam in India: ED Intensifies Probe, Arrests Three

The Enforcement Directorate (ED) in India has intensified its investigation into an alleged $58 million crypto scam. Three more accused have been arrested as part of the ongoing probe, bringing the total to four. Subhash Sharma, the mastermind behind the scheme, remains at large.

The scam targeted over 248,000 investors who were lured by promises of high returns through fake crypto investment platforms such as Korvio and DGT. The group used a Ponzi scheme, where funds from new investors were used to pay earlier ones, resulting in massive transactions worth over $219 million.

The ED alleges that the accused manipulated token prices, introduced new assets, and earned commissions from the scheme. They used the proceeds to invest in properties and real estate, and destroyed digital records and domain data to conceal the Ponzi scheme.