Indian authorities prepare to charge 3 defendants in alleged $240 million cryptocurrency scam
A special investigation team established to investigate a cryptocurrency fraud case in India worth $240 million will file charges against three main defendants this week. The police initially charged the three defendants, Hem Raj, Sukhdev, and Abhishek, under IPC Section 420 and 120 B (criminal conspiracy), as well as Prohibition Orders 21 and 23.
The fraud case, which was first exposed in October, was estimated to be worth about $24 million, but the investigation found that the fraud amount exceeded $240 million, with over 100,000 victims cheated in a multi-level false cryptocurrency scheme, which also involved more than 1,000 police officers.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
MicroStrategy to redeem $1.05 billion in convertible notes amid crypto tax uncertainty
A note will be converted at a rate of 7.0234 shares of MicroStrategy’s class A common stock (MSTR) for every $1,000 of the principal amount.The move could be an attempt to mitigate the firm’s debt and to entice noteholders to convert to company equity.
The US dollar index DXY fell 15 points in the short term and is now at 107.25
MicroStrategy's 2024 convertible bond issuance hits record high at $6 billion
SOL breaks through $270
Trending news
MoreCrypto prices
More
