India’s law enforcement has uncovered a massive cryptocurrency scheme that deceived over 2,000 individuals, leading to losses of approximately 2.4 million dollars (20 crore rupees) in the northeastern state of Assam.
Three individuals, Asad-ul Islam, Hashanur Zaman, and Kobad Ali Mollah, have been apprehended for their involvement in the fraudulent operation known as RSN crypto, according to local reports.
These individuals swindled residents of Assam and Meghalaya by convincing them to buy a crypto-based game with promises of substantial profits. They were encouraged to invest a minimum of $610 (₹50,000). Many were duped by this scheme as they anticipated quick returns on their investments.
But once the scammers successfully amassed substantial amounts of money, they disappeared, leaving the investors in a difficult situation. According to authorities, the ringleader of the scam, Hekmot Ali Sarkar, remains unaccounted for.
The fraudsters collected funds from investors through popular Indian digital wallets such as Paytm and PhonePe. They converted the money to Tether (USDT), a stablecoin, and transferred it to foreign accounts. Further investigations revealed that the scam’s website was hosted on Amazon servers located in China. Authorities believe the operation has international ties.
During the raid, police seized eight mobile devices, eleven SIM cards, and two laptops. Investigators uncovered a fraud network after discovering that the scammers were renting bank accounts to other criminals, complicating efforts for authorities to trace the misappropriated funds.
Assam’s police have not released any information regarding the recovery of the stolen money, if any has been retrieved.
This incident is just one among many scams currently under investigation. In relation to the GainBitcoin scandal, which incurred an estimated loss of 800 million dollars, the CBI executed search operations in various locations across India last month. Additionally, in another case, a managing director of Coin ZX, Ravi Mahaseth, was detained in Mumbai concerning a 23 million dollar Bitcoin investment fraud.
The Directorate of Enforcement (ED) has also expanded its investigation scope into cryptocurrency scams. Recently, officials seized assets worth 190 million dollars linked to the BitConnect Ponzi operation. However, despite these efforts, billions of dollars continue to be lost to fraudulent schemes.
Authorities are urging the public to exercise caution and refrain from investing in schemes that promise guaranteed high returns. Assam police are still pursuing their investigation to locate Hekmot Ali Sarkar and recover the misappropriated funds.
Woman from Hyderabad Loses INR 7.7 Million in Crypto Scam
As the global interest in cryptocurrencies rises, scammers are increasingly targeting individuals under the guise of offering profitable investment opportunities. In a recent incident, a woman from Hyderabad in Telangana, India, became a victim of a cryptocurrency scam, resulting in a loss of ₹77 lakhs (INR 7.7 Million).
According to the Hyderabad Cyber Crime police, a 42-year-old woman from Begumpet, Hyderabad, was enticed to invest in a cryptocurrency scheme with promises of high returns by a group of scammers who first established her trust by providing small amounts of money as part of an introductory investment.
The police reported that the victim received a part-time job offer on Telegram in December 2024. The offer claimed easy earnings through uncomplicated tasks, which she began completing diligently, receiving small payments in return that increased her trust in the operation.
Operating under the name “Digit Trade Private Ltd,” the scammers guided her to join another Telegram group named “Digit Techno,” where she was given tasks like liking and subscribing to specific YouTube channels. For each task she completed, they credited her bank account with ₹123. Over a month, she received ₹22,000 through 100 separate transactions of ₹123, which further solidified her confidence in the scheme.
As the scam developed, they presented her with a VIP program that promised support for her cryptocurrency investments. The scammers assured her that they would monitor and assist her investments even if there were losses. Profits were displayed in a virtual account on their platform, but when she tried to withdraw her earnings, they blocked her access, stating that she needed additional authorization. The fraudsters coerced her into depositing more money into her capital account on the platform.
According to a report by Times of India, the victim transferred significant amounts of money, at times sending up to ₹15 lakhs in one day, under the belief that her investments were expanding. A police official stated, “While she received small returns peaking at ₹6,100, she became suspicious when her access to her profits was denied, and she was pressured to pay more for taxes and service fees.”
It was only at that moment that the woman realized she had been scammed. Unfortunately, by that time, she had lost nearly ₹77 lakhs, which represented all her family’s savings. Meanwhile, the police are currently investigating the case and tracing the accounts to which the woman had sent her money.
India arrests Russian-Lithuanian over crypto money laundering case
Indian law enforcement has apprehended Aleksej Besciokov, a Lithuanian national living in Russia, on accusations of money laundering and violating international sanctions due to his involvement with the Russian cryptocurrency exchange Garantex. The arrest, executed by the Central Bureau of Investigation (CBI) and Kerala Police, was initiated at the request of the United States, which is currently pursuing his extradition.
Authorities captured Besciokov as he reportedly attempted to flee India. The U.S. Justice Department (DOJ) asserts that he was in charge of Garantex, a Moscow-based exchange that was subjected to sanctions in 2022, claiming it facilitated over $96 billion in cryptocurrency transactions associated with cybercriminals, terrorists, ransomware operations, and drug trafficking organizations.
Just a week prior, the United States, in collaboration with Germany and Finland, dismantled Garantex’s digital infrastructure as part of a broader initiative to combat unlawful cryptocurrency activities.
Besciokov faces significant charges in the United States, including conspiracy to launder money, which could result in a 20-year prison sentence, violating the International Emergency Economic Powers Act with another potential 20-year sentence, and operating an unlicensed money-transmitting business, which could carry a penalty of up to five years.
According to the U.S. Department of Justice, Besciokov played a crucial role in the operation of Garantex, overseeing its technical setup and approving transactions that allegedly financed crimes jeopardizing both U.S. and global security.
Acting quickly on a U.S. request, India issued a temporary arrest warrant on March 10, 2025, after obtaining it from a Delhi court under the 1962 Extradition Act. The CBI’s Interpol team collaborated with Kerala Police to apprehend Besciokov.
He is scheduled to appear before the Patiala House Court shortly, where the extradition process is set to commence. Although the timeline is still unclear, officials anticipate an expedited procedure given the seriousness of the charges.
In a related action, the U.S. Secret Service seized three domain names linked to Garantex on March 6 and froze $26 million in associated funds. Blockchain analysts at TRM Labs praised the operation as a significant measure in the fight against illicit finance, although they warned that sanctioned exchanges frequently reemerge under new identities.
