India: Police Arrest Suspects in Alleged $14 Million Crypto Scam
Law enforcement in Mumbai, India have exposed a group allegedly involved in a cryptocurrency scam that amassed an estimated 1 billion rupees (nearly $17 million), local media outlet The Times of India reports on Feb. 17.
The case reportedly led to the freezing of several accounts in the country and to the arrest of four individuals — Sanjay Sontakke, Rajnikant Kumavat, Alpesh Barodia and Kirankumar Panchsara. According to The Times of India, the police are also looking for a fifth suspect, Ashok Goyal, who reportedly played a key role in the alleged scam.
The complaint that led to the four arrests was filed by a resident of the Indian city of Surat, Umeshchand Jain, who alleged that suspects defrauded him of 10.2 million rupees (about $145,000).
