Law enforcement in India has arrested three in connection with the crypto fraud, which attracts more than 2,000 victims with attractive returns.
As local mediaPolice in the northeastern Indian state of Assam torn the RSN Crypto scam, a detailed plan that has cheated investors with misleading benefits guarantee and a fake online platform.
While active, the operators allegedly cheated over 2,000 victims and managed to collect between 10–20 crores ($ 1.14–2.29 million).
Scammers advertised RSN Crypto tokens as a promising investment that would offer 2% daily returns. However, the investigation has shown that the investments earned quickly were converted into teder-tailed stabechoin USDT, using crypto exchanges such as Benance.
The Cyber Crime Coordination Center (I4C) was brought to track the operation. Investigators found that the website was hosted on an Amazon server and was alleged to have relations with institutions in China.
The police have arrested three suspects who have accepted to manipulate crypto values and force the victims to invest. Another major suspect, considered the head of the operation, remained largely while writing.
Chinese scammers have rapidly targeted Indian investors through fake crypto projects, exploiting increasing interest in digital assets. Many of these schemes follow an familiar pattern.
Earlier this year, authorities busted the Datamare Crypto Trading App Scam, which excluded at least 700 investors from INR 10 million ($ 114,000). In another major case, the Enforcement Directorate last year charged 299 Chinese institutions to operate HPZ tokens, a Crypto mining scam.
Illegal crypto activity in India has increased the country’s growing hunger for digital assets.
With the Jumping of Crypto Trading Volumes about $ 2 billion at the end of 2024, many small -town investors are turning to Crypto in search of new income currents. According to an expert, the Crypto market in India is estimated to increase by more than $ 15 billion by 2035.
