Police in India have uncovered a large-scale crypto fraud operation that duped over 2,000 victims and led to losses of $2.4 million.
In a late-night operation on Sunday, Assam police said they have arrested three individuals in connection with the scam—Asadul Islam, Hashanur Zaman, and Kobad Ali Mollah—all accused of operating a fraudulent scheme under “RSN crypto.”
The scam targeted residents in Assam and the neighboring state of Meghalaya, luring victims with promises of lucrative returns through a crypto game called RSN, as per an India Today NE report.
Investigators revealed each victim was tricked into investing a minimum of $610 (₹ 50,000), with the total amount misappropriated ranging between $1.2 and $2.4 million (₹ 10-20 crore).
The mastermind behind the operation, Hekmot Ali Sarkar, remains at large, according to authorities, who say they are actively working to apprehend him.
Decrypt has reached out to the Assam Police, but had not received a response at press time.
The fraudsters used online payment platforms such as Paytm and PhonePe to collect funds, which were then converted into the Tether stablecoin, USDT ($1.00), on crypto exchanges before being transferred to international… creator solana token
