India is seeking the extradition of one of the alleged main suspects in a case of fraud involving the loss of over $240 million in a cryptocurrency scam. The Central Bureau of Investigation (CBI) has requested extradition of the individual, Sumit Gupta, from the United Arab Emirates (UAE).
Gupta is currently in the custody of UAE authorities and is wanted in connection with a case concerning the collapse of Gain Bitcoin, an alleged ponzi scheme which lured tens of thousands of victims into investing in cryptocurrencies with promises of high returns. The scam is estimated to have resulted in losses of more than $240 million worth of Bitcoin and other digital assets.
Gupta is accused of being one of the masterminds of the scheme and is believed to have fled the country in 2018. The CBI then approached the UAE authorities asking to have him sent back to India. The UAE, however, put off processing the request for months citing procedural issues and lack of clarity in the case. The requesting authorities then decided to approach the UAE directly in order to expedite the process.
Given the amount of money that is believed to have been lost in the scam, and the large number of affected investors, the Indian government has made the extradition of Gupta a priority. The CBI is awaiting a response from the UAE and is hopeful that Gupta will be sent back to India. If extradited, he will have to face charges of fraud, money laundering, and other related offenses in an Indian court.
