Vanessa
Assam Police have arrested three people linked to a cryptocurrency scam involving the fraudulent RSN Crypto Currency Token, authorities said Sunday. The India crypto scam operation, carried out March 1 in the Fakirganj Police Station area, was led by officers from the South Salmara-Mankachar district.
The arrested suspects — Asadul Islam, 25, Hashanur Zaman, 28, and Kobad Ali Mollah, 28 — allegedly convinced thousands of investors to put money into an online gaming and investment scheme, promising a 2% return per deposit. Investigators say the operation was a fraud, with victims losing large amounts of money.
India Crypto Scam Mastermind Still at Large
Authorities have identified the suspected ringleader, Hekmot Ali Sarkar, who remains at large. Police are working to track him down, an official said.
The fraudsters reportedly used digital payment platforms such as PhonePe and PayTM to collect funds before converting them into U.S. Dollar Tokens (USDT) through international cryptocurrency exchanges like Binance. The money was then transferred to unidentified foreign entities, raising concerns over possible ties to cybercriminal groups.
Investigators have also found evidence that the suspects rented out bank accounts to cybercriminals across India for ₹1,000 to 2,000 per month (approx. US$1.2 million to US$2.4 million), enabling further financial fraud. Seized items from the operation include laptops, mobile phones, and SIM cards, which are now being examined for additional leads.
Is China Involved? International Links Under Investigation
Cybercrime specialists working with the Intelligence Coordination for Cybercrime (I4C) have traced the fraudulent website used in the scheme to China, pointing to a potential cross-border fraud operation. The website, hosted on an Amazon server, was allegedly used to manipulate cryptocurrency values and mislead investors.
A First Information Report (FIR) has been registered, and authorities are expanding their investigation to identify more suspects and financial networks involved. Law enforcement agencies are working with cybersecurity experts to dismantle what they believe to be a broader network of online financial fraud.
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Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
