Taking major action in the alleged cryptocurrency scam of around Rs 500 crore, the Enforcement Directorate (ED) has arrested three accused Milan Garg, Sukhdev Thakur and Abhishek Sharma. All three were arrested under the Money Laundering Act and presented in the special court of Shimla, from where they have been sent on 12-day ED remand.
what is the whole matter?
According to ED, the investigation of this case was started on the basis of FIRs of Himachal Pradesh and Punjab Police. Investigation revealed that the main accused Subhash Sharma, who is currently absconding, along with his associates created fake crypto investment platforms like Korvio, DGT, Hypenext and A-Global. People were made to invest on these platforms by luring them with huge and sure profits in a short time.
What was revealed in ED investigation?
Investigation revealed that this entire network was working like a Ponzi scheme. Old investors were paid with the money received from new investors. When suspicion started increasing, an attempt was made to erase digital records and website data. Despite this, ED has found important digital evidence.
According to the agency, more than 2.48 lakh people became victims of this scam and transactions worth more than US $ 219 million took place. Due to this, investors are expected to suffer a loss of around Rs 500 crore.
ED is busy getting to the bottom of the matter
ED claims that Milan Garg was the technical mastermind of this entire fake crypto network. He created platforms, managed crypto wallets and worked to transfer investors’ money here and there through different mediums. At the same time, Sukhdev Thakur and Abhishek Sharma played an important role in connecting investors, collecting cash and delivering it to other accused.
Investigation has also revealed that both of them acquired shares in properties from the money earned from this scam. ED has already arrested Hem Raj and Masoom Juneja in this case. Now the agency is trying to find out how much illegal income was earned from this scam and to whom this money reached.