Crypto Scam Alert: Inside the $2.4 Million ‘RSN Crypto’ Fraud in India – Read On

In a recent crackdown, Indian authorities have exposed a substantial cryptocurrency scam that deceived over 2,000 investors, leading to losses amounting to approximately $2.4 million. The fraudulent scheme, operating under the guise of “RSN crypto,” lured victims with promises of high returns through a crypto game called RSN. ​

The ‘RSN Crypto‘ Scam Unveiled

The perpetrators of the ‘RSN Crypto’ scam targeted residents in the Indian states of Assam and Meghalaya. They enticed individuals to invest a minimum of ₹50,000 (around $610) with the assurance of lucrative returns. The total amount swindled is estimated to be between ₹10 crore and ₹20 crore (approximately $1.2 million to $2.4 million). ​

Arrests and Ongoing Investigations

In a late-night operation, Assam police arrested three individuals connected to the scam: Asadul Islam, Hashanur Zaman, and Kobad Ali Mollah. These arrests are part of a broader effort to dismantle the fraudulent network and recover the lost funds. The primary suspect, Hekmot Ali Sarkar, remains at large, with authorities actively pursuing leads to apprehend him. ​

Impact on Victims

The scam has had a devastating impact on the victims, many of whom invested their savings with the hope of substantial returns. The loss of funds has caused significant financial distress among the affected individuals, highlighting the need for increased awareness and caution when engaging in cryptocurrency investments.​

Conclusion

This incident serves as a stark reminder of the potential risks associated with cryptocurrency investments, especially those promising unusually high returns. Investors are advised to conduct thorough due diligence and remain vigilant to avoid falling prey to such fraudulent schemes.

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