India Seeks Extradition of Prime Suspect in $240M Crypto Scam from UAE

Last updated: November 30, 2023 01:28 EST
. 1 min read

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Indian authorities are intensifying efforts to bring the alleged mastermind behind a massive $240 million cryptocurrency scam back to the country.

The special investigation team (SIT) of the Himachal police, after nearly two months of probing, has prepared a comprehensive 2,100-page chargesheet, unveiling the intricate details of the 2,000 INR crypto scam (approximately $240 million).

Main Suspect in Crypto Scam Fled to Dubai

The key figure identified as Subhash Chand, believed to be the mastermind, is currently on the run and suspected to be hiding in Dubai.

The SIT has initiated the extradition process, with a hearing scheduled in a UAE court on December 4. Reports suggest that Subhash’s visa is also nearing expiration, adding urgency to the extradition plea, local media reported.

The chargesheet, submitted to the prosecution department for sanction, names Hemraj, Sukhdev, and Abhishek as the main accused.

The investigation has unraveled a sophisticated network, exposing that the proceeds from the fraudulent transactions were funneled back to India through the hawala network.

The cryptocurrency scam, initially estimated at ₹400 crore ($20 million) in 2018, has expanded to a staggering ₹2,000 crore across multiple states.

The police investigation discovered ove 250,000 identities created in Himachal alone by the scam artists, with government employees, police personnel, and businessmen falling victim to the Ponzi investment scheme. Some government officials allegedly opted for voluntary retirement as a result.

19 Arrested Linked to Massive Crypto Fraud

Assets worth ₹19 crore ($2.2 million) belonging to eight accused have been seized by the special investigation team, which has made 19 arrests so far.

The accused, who amassed wealth across various locations, including Mandi, Bilaspur, Hamirpur, Punjab, Delhi, and Chandigarh, face charges of defrauding individuals in Himachal Pradesh, Punjab, and Haryana.

As the extradition plea unfolds, the state police, with the assistance of central investigating agencies, aim to secure a warrant against Subhash in the UAE court.