The Indian authorities are continuously trying to bring back mastermind Subhash Chand. He is accused of $240 million in cryptocurrency fraud in India. Authorities suspect that the accused is hiding in Dubai. The special investigation team (SIT) has started the extradition process, and a hearing is scheduled in a Dubai court on December 4.
A complex fraud network is involved in channelling profits back to India through the hawala network. The scam, initially estimated at ₹400 crore ($20 million) in 2018, has expanded to ₹2,000 crore, leading to 19 arrests and the seizure of assets worth ₹19 crore.
The special investigation team (SIT) of the Himachal police, after almost two months of investigation, prepared an extensive 2,100-page charge sheet. revealing the instant details of the $240 million (2,000 INR) cryptocurrency scam. According to reports, Subhash's visa is about to expire, adding urgency to the extradition plea. The charge sheet, submitted to the prosecution department, lists Hemraj, Sukhdev, and Abhishek as the main accused.
According to the police investigation, Over 250,000 identities created in Himachal Pradesh alone by scammers were found to have been invested in the ponzi investment scheme by government employees, law enforcement officers, and businessmen, according to the police investigation. A large number of these public servants were said to have chosen a voluntary retirement plan.
The special investigation team has made 19 arrests and seized assets worth ₹19 crore ($2.2 million) belonging to eight accused across various locations, including Mandi, Bilaspur, Hamirpur, Punjab, Delhi, and Chandigarh. State police are working with central investigative agencies to obtain an order against Subhash in the UAE court as the extradition plea plays out.
The global cooperation against cybercrime is becoming more and more evident as evidenced by the ongoing pursuit of Subhash Chand, the mastermind of a $240 million cryptocurrency scam. As the process of extradition moves forward, the case indicates the complex network of international financial frauds.
Future repercussions could include closer oversight of cryptocurrency transactions, increased international cooperation in combating such crimes, and a review of regulatory frameworks to prevent and prosecute large-scale frauds, given the investigation's revelations of common involvement.
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