Key Accused in Rs 2,500 Crore Cryptocurrency Scam Arrested: Himachal Police
In a major development, the Himachal Pradesh Police arrested Milan Garg, one of the masterminds behind the Rs 2,500 crore cryptocurrency scam, from the Netaji Subhash Chandra Bose International Airport in Kolkata. Garg, a 35-year-old resident of Meerut, Uttar Pradesh, was apprehended on Wednesday night while attempting to flee to Bangkok, Thailand, officials confirmed.
Milan Garg is believed to be instrumental in designing and marketing a fake cryptocurrency used to defraud thousands of investors across India. Deputy Inspector General (DIG) of Police, Northern Range, Abhishek Dhullar, said that Garg was a close associate of Subash Sharma, the alleged kingpin who remains at large. After fleeing to Dubai when the scam was uncovered in 2022, Garg returned to India in June and was detained while attempting to leave the country again.
According to police, the cryptocurrency scam began in 2018 but came to light in 2022 when the fraudsters threatened investors to keep silent or risk losing their money. The scheme involved a locally created cryptocurrency called ‘Korvio Coin’ (KRO coins), with fraudsters manipulating prices through fake websites and promising investors quick, high returns.
Over 300 complaints have been filed by victims, including professionals such as policemen and teachers. Many were duped of large sums, while some who benefited from the scam even promoted it and opted for voluntary retirement. The SIT probing the case has arrested 26 people and filed charge sheets against 70 so far.
The scam network extended to multiple states, with investments in luxury cars, plots, and flats, as well as tax evasion. Authorities are continuing efforts to track down Subash Sharma, believed to be hiding in the UAE.
