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.
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