Rs 2,500-Crore Cryptocurrency Scam Mastermind Arrested in Kolkata

Himachal Pradesh Police has arrested Milan Garg, one of the masterminds behind a Rs 2,500-crore cryptocurrency scam, from Kolkata. Garg was apprehended while attempting to flee to Bangkok. The scam, which started in 2018 and came to light in 2022, duped thousands of investors. The main kingpin, Subhash Sharma, remains at large.

The Himachal Pradesh Police has made a significant arrest in a Rs 2,500-crore cryptocurrency scam, detaining one of the masterminds, Milan Garg. Garg, 35, who hails from Meerut, Uttar Pradesh, was captured on Wednesday night at Kolkata's Netaji Subhash Chandra Bose International Airport while attempting to escape to Bangkok.

According to Deputy Inspector General of Police (DIG) Northern Range Abhishek Dhullar, Garg played a crucial role in the design and marketing of a counterfeit cryptocurrency. Garg, who had previously fled to Dubai after the scam was discovered, returned to India in June before being arrested while trying to leave again.

Garg's associate, Subhash Sharma, the primary architect behind the swindle, remains unapprehended. The scam, which defrauded thousands, has resulted in 26 arrests and over 300 complaints. Involved parties lured investors with promises of lucrative returns through local cryptocurrencies like 'Korvio Coin,' inflating prices via fraudulent websites.

(With inputs from agencies.)