Lord777
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Indian law enforcement officers have arrested 18 people who may be involved in the Korvio Coin fraud scheme for $300 million. Among those detained are four local police officers.
According to the special investigation team, the Korvio Coin cryptocurrency scheme was organized in 2018. As a result of its activities, about 5,000 civil servants and about 1,000 police officers were affected — their total losses amounted to $300 million. Between 2021 and 2023, the police of the Indian state of Himachal Pradesh received 56 complaints from affected users. In total, the creators of the scheme managed to deceive about 100,000 people.
The organizers and promoters of the crypto project attracted people through many fake websites. Having collected the necessary amount of funds, the creators of Korvio Coin used a common liquidity withdrawal scheme (rug pull), stealing investors money. The main suspect who organized the crypto scheme is considered to be a citizen of India, Subhash Sharma, who is now hiding from the investigation. Several properties related to Sharma have already been confiscated by the police.
Law enforcement officials said that new arrests should be expected in connection with the illegal activities of Korvio Coin. It turned out that about 300 participants of the crypto scheme managed to achieve significant success in it and earn from $120,000 to $240,000. These "lucky people" included police officers who also invested in the scheme and encouraged others to invest in Korvio Coin.
In early September, Indian police arrested a group of cryptocurrency scammers who offered investors to buy fake USDT stablecoins at half their face value. Due to the increasing number of cases of fraud involving digital assets, the Ministry of Internal Affairs of India has begun to develop a tool for tracking suspicious crypto transactions on the darknet.
According to the special investigation team, the Korvio Coin cryptocurrency scheme was organized in 2018. As a result of its activities, about 5,000 civil servants and about 1,000 police officers were affected — their total losses amounted to $300 million. Between 2021 and 2023, the police of the Indian state of Himachal Pradesh received 56 complaints from affected users. In total, the creators of the scheme managed to deceive about 100,000 people.
The organizers and promoters of the crypto project attracted people through many fake websites. Having collected the necessary amount of funds, the creators of Korvio Coin used a common liquidity withdrawal scheme (rug pull), stealing investors money. The main suspect who organized the crypto scheme is considered to be a citizen of India, Subhash Sharma, who is now hiding from the investigation. Several properties related to Sharma have already been confiscated by the police.
Law enforcement officials said that new arrests should be expected in connection with the illegal activities of Korvio Coin. It turned out that about 300 participants of the crypto scheme managed to achieve significant success in it and earn from $120,000 to $240,000. These "lucky people" included police officers who also invested in the scheme and encouraged others to invest in Korvio Coin.
In early September, Indian police arrested a group of cryptocurrency scammers who offered investors to buy fake USDT stablecoins at half their face value. Due to the increasing number of cases of fraud involving digital assets, the Ministry of Internal Affairs of India has begun to develop a tool for tracking suspicious crypto transactions on the darknet.
