Indian police have arrested eight additional suspects in connection with a massive $300 million cryptocurrency fraud case.
The suspects were allegedly involved in defrauding thousands of investors from across the country. Earlier this month, Indian police arrested Gautam Thakkar, the mastermind of the fraud. The case involves one of the country’s largest cryptocurrency schemes, BitConnect.
According to the police, the eight suspects were arrested from Surat and Gandhinagar in the western state of Gujarat and Mumbai in the north-western state of Maharashtra. They have been charged with “cheating, forgery, and criminal conspiracy.”
In addition to the arrests, police have also seized properties owned by the suspects, which are estimated to be worth over $20 million.
The police have started investigation into several entities registered in the states of Maharashtra and Gujarat, which were allegedly involved in the fraud. The Central Bureau of Investigation has also reportedly started its own inquiry into the scam.
The fraudulent scheme is believed to have targeted over two million investors across India. It is alleged that the group illegally raised over $300 million by offering promises of high returns in a short period of time.
BitConnect stopped its operation and closed down its website back in January 2018 following several warnings from regulators and authorities of a likely scam. However, the group is believed to have continued to operate its fraudulent activities through other means, including offline solicitations.
The case is only the latest example of cryptocurrency scams in India. Last year, Indian law enforcement had arrested 5 people in connection with a $48 million crypto fraud.
