RSN Crypto Currency Token Scam Busted, 3 Arrested

In a major crackdown against cybercrime, the South Salmara-Mankachar police busted a crypto currency token scam

In a significant strike against cybercrime, the South Salmara-Mankachar police busted a crypto currency token scam on Sunday night, exposing a network of miscreants defrauding people in the name of ‘RSN Crypto Currency Tokens’.

Based on a secret input, a swift and well-coordinated operation was launched under the ASP (Headquarters), with the DSP (DSB) and DSP (B) leading the charge along with staff from the Kharuabandha Out-post. The police team executed a late-night search operation in the Fakirganj Police Station area, culminating in the apprehension of three cyber criminals.

The arrested persons have been identified as Asadul Islam (25), Hashanur Zaman (28), and Kobad Ali Mollah (28). The trio was running a fraudulent financial scheme under the RSN Crypto Currency Token, fooling people into investing with the false promise of 2 per cent daily profits through online gaming.

The scam targeted unsuspecting victims, who were told that the more they invested, the more they would earn. However, once the investments were made, the promised profits never materialised.

Preliminary investigation has revealed that the gang had already duped more than 2,000 victims from South Salmara-Mankachar district and parts of Meghalaya, with the total misappropriated amount estimated to be Rs 10-20 crore.

The accused persons used a website to share links and an online payment platform to collect money from the victims, which was siphoned off and converted into USDT (US Dollar Tokens) through Chinese crypto exchanges.

During the operation, police seized several laptops, mobile handsets, and other digital evidence used to manipulate crypto values and communicate with victims. The accused persons were also found to be renting bank accounts from different individuals across the country for Rs 1,000-2,000 per month, which were used to receive deposits from the victims.

The mastermind behind the scam, Hekmot Ali Sarkar, who is the upline operator, is currently absconding, and efforts are underway to apprehend him. The police have also consulted the Indian Cybercrime Coordination Centre (I4C), which traced the scam’s web-site links to China-based servers hosted on Amazon platforms.

The South Salmara-Mankachar police has appealed to the public to stay vigilant against online investment scams and not to fall prey to fraudulent promises of quick money through crypto currency tokens. Further investigation is underway to uncover more links and arrest the remaining culprits.

It may be mentioned that with the rapid growth of cryptocurrency trading across the globe, cybercriminals are increasingly using it as a tool to defraud unsuspecting individuals. The lack of awareness among the public, coupled with the absence of strict regulations, has made crypto trading a soft target for fraudsters.

Scammers often lure victims by promising quick returns on investments in newly launched tokens or gaming platforms, as seen in the RSN scam. Once the investments are made, the fraudsters either manipulate the value of tokens or disappear with the money, leaving the investors with huge losses.