Law enforcement in India has taken decisive action against large-scale cryptocurrency fraud, arresting three individuals linked to the RSN Crypto scam—a scheme that allegedly deceived over 2,000 investors with false promises of high returns.
According to local media, authorities in Assam uncovered the fraudulent operation, which lured victims by advertising RSN tokens as a lucrative investment offering a guaranteed 2% daily return. However, investigations revealed that funds deposited by investors were swiftly converted into Tether (USDT) through major crypto exchanges such as Binance.
According to officials, before law enforcement intervened, the perpetrators were amassed between ₹10 crore and ₹20 crore ($1.14 million–$2.29 million). The Indian Cyber Crime Coordination Centre (I4C) played a key role in tracking the scam, uncovering that the fraudulent platform was hosted on an Amazon server and had suspected connections to entities in China.
Police apprehended three suspects who reportedly admitted to manipulating the value of the cryptocurrency and coercing victims into investing. Meanwhile, another key figure remains, believed to be the mastermind behind the operation.
Chinese-backed scams have increasingly targeted India’s crypto market. Earlier this year, authorities dismantled the Datameer crypto trading app scam, which defrauded at least 700 investors out of ₹10 million ($114,000). In a major crackdown last year, the Enforcement Directorate charged 299 Chinese entities for orchestrating the HPZ Token fraud, a crypto mining scam.
In a broader effort to combat cryptocurrency-related scams, India’s Central Bureau of Investigation (CBI) conducted a massive crackdown on the infamous GainBitcoin scam on February 25, 2025. The agency raided over 60 locations across multiple states, targeting individuals and entities linked to the sprawling Ponzi scheme.
The raids co-occurred and focused on major cities, including Delhi NCR, Pune, Chandigarh, Bengaluru, Nanded, and Kolhapur. According to the CBI, officers seized cryptocurrency wallets, laptops, mobile devices, and key documents tied to the scam’s operations.
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