India’s ED Tightens Probe Into $58M Crypto Scam, Three Arrested
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India’s Enforcement Directorate intensified a probe into an alleged $58 million (INR 500 crore) crypto Ponzi scheme, arresting three suspects while the alleged mastermind, Subhash Sharma, remains missing. The ED also seized $2.2 million in stolen funds, underscoring heightened regulatory enforcement and crypto security risks that could weigh on fundraising, token launches, CEX/DEX trust and broader adoption.
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- The ED of India has arrested three individuals connected to a $58 million crypto scam.
- The mastermind of the Ponzi scheme, Subhash Sharma, is still found missing.
- The country has also seized $2.2 million in stolen funds related to another incident.
India’s Enforcement Directorate (ED) has reportedly intensified its probe into an alleged $58 million (INR 500 crore) crypto scam. While this incident marks one of the largest crypto fraud cases in the country, the ED has arrested three more accused as part of the ongoing investigations.
According to a press release by India’s ED, the agency arrested Milan Garg, Sukhdev Thakur, and Abhishek Sharma in the latest phase of the investigation. Subhash Sharma, the alleged mastermind of the crypto scam, is still found missing.
How Did the Crypto Scam Work?
The crypto scam lured investors through fake promises of high …
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