Indian law enforcement has arrested three people in connection with a massive crypto fraud that seduced more than 2,000 victims with promises of favorable benefits.
According to local media, police in Assam, northeastern India, cracked down on RSN Crypto fraud, an elaborate scheme that deceived investors with misleading profit guarantees and fake online platforms.
While active, the operators were said to have been able to trick more than 2,000 victims and accumulate between 10 and 20 crores ($1.14 and 229 million).
The scammers touted the RSN Crypto token as a promising investment that offers a daily 2% return. However, research revealed that the investments that occurred were quickly converted to tethered Stablecoin USDT using a crypto exchange like Binance.
India’s Cybercrime Coordination Centre (I4C) was brought to track operations. Investigators discovered that the website is hosted on an Amazon server and claims its relationship with Chinese entities.
Police have arrested three suspects who have allowed them to manipulate the value of the code and force victims into investment. Another important suspect, considered to be in charge of the surgery, remained on a large scale at the time of writing.
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Chinese fraudsters are increasingly targeting Indian investors through fraudulent crypto projects and are taking advantage of the growing interest in digital assets. Many of these schemes follow familiar patterns.
Earlier this year, authorities destroyed the Datameer Crypto Trading App scam, struggling at least 700 investors out of 10 million ($114,000). In another major case, the Enforcement Bureau charged 299 Chinese companies last year for operating HPZ Token Scam, a crypto mining scam.
Illegal cryptocurrency activities in India are surged along with the country’s growing appetite for digital assets.
With crypto trading volumes jumping to nearly $2 billion in the second half of 2024, many small-city investors reportedly are turning to crypto in search of a new revenue stream. According to one expert, India’s crypto market is projected to exceed $15 billion by 2035.
read more: India is working with Google and Facebook to tackle the code pig slaughter fraud
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