A large-scale cryptocurrency scam has just been dismantled by the Indian police, with over 2,000 victims defrauded of a total of 2.4 million USD. Although three suspects have been arrested, the mastermind behind the case remains at large. Is this just the tip of the iceberg in the series of crypto scams in India?

Over 2,000 'Crypto Game' victims trapped

The state police #Assam conducted a raid on Sunday night, arresting three suspects including Asadul Islam, Hashanur Zaman, and Kobad Ali Mollah. All three are believed to be key figures operating the scam under the name RSN Crypto.

📌 How RSN Crypto operates:
✔️ Luring participants: Promising huge profits from a crypto game called RSN.
✔️ Minimum investment amount: Each victim must invest at least 610 USD (equivalent to 50,000 INR).
✔️ Total amount embezzled: Estimated between 1.2 million to 2.4 million USD (10-20 crore INR).

However, the real mastermind – Hekmot Ali Sarkar – is still on the run. Police are continuing the search to bring him to justice.

Money Converted to USDT Then "Vanishes"

A report from India Today NE shows that the scammers used online payment platforms like Paytm and PhonePe to collect money from victims.

💰 The journey of the stolen money:
1️⃣ Collecting money via Paytm & PhonePe 📲
2️⃣ Converting to USDT on crypto exchanges 🔄
3️⃣ Transferring to foreign accounts 🌍

Technical investigations show that the central website of the scam originated from China and is hosted on Amazon's server system.

📌 Seized assets in the raid:
✔️ 8 mobile phones 📱
✔️ 2 laptops 💻
✔️ 11 SIM cards 📶

The police also discovered bank accounts that were "rented" to help conceal the flow of money, complicating the investigation.

India Tightens Control on Crypto Scams

The case #RSNCrypto is not the only instance. In the context of increasing cryptocurrency scams, India is ramping up its crackdown on crypto-related Ponzi schemes.

📢 Some recent notable scams:
✔️ GainBitcoin Scam: The 800 million USD scam under investigation by the CBI nationwide.
✔️ Coin ZX Scam: CEO Ravi Mahaseth arrested in Mumbai for embezzling 23 million USD from Bitcoin investors.
✔️ BitConnect Ponzi Scheme: 190 million USD in crypto assets seized, but the total amount stolen has reached up to 31 billion USD at current value.

Even though the Indian government is cracking down on scams, there are still many crypto criminals who have not been arrested, making investors need to be highly alert to "huge profit" projects.

A Lesson for Crypto Investors

🔴 Be cautious of projects promising high returns with no risk.
🔴 Avoid sending money through personal payment platforms like Paytm, PhonePe.
🔴 Thoroughly check the project's origin, development team, and legality before investing.

🚨 Conclusion: Although RSN Crypto has been dismantled, scams are still spreading, requiring both authorities and investors to remain highly vigilant. Otherwise, people like Hekmot Ali Sarkar will continue to operate freely, causing many to fall into traps! 🚨