As a dedicated crypto lawyer representing victims of cryptocurrency scams, I am pleased to report a significant breakthrough in the fight against global crypto fraud. Milan Garg, a key figure in a ₹1,740-crore cryptocurrency scam that defrauded over one lakh people in Himachal Pradesh, was recently arrested in Kolkata. His arrest follows coordinated efforts across various nations, highlighting the importance of international cooperation and robust AML (Anti-Money Laundering) frameworks.
The Scam Unveiled
Milan Garg, 35, originally from Meerut in Uttar Pradesh, was apprehended at the Netaji Subhas Chandra Bose International Airport by vigilant immigration officials. Garg had previously escaped to Dubai after the scam was exposed in October of last year but returned to India through either Bangladesh or Nepal. His arrest marks a crucial step in bringing justice to the numerous victims who invested in fraudulent digital coins such as DGT Coin, Fish Token, Hypnext Coin, and Corvio Coin, lured by false promises of high returns.
The Scam’s Reach and Impact
This multi-crore scam involved the creation of approximately 2,50,000 fake IDs, with the majority of victims hailing from Mandi, Kangra, Hamirpur, and Una districts in Himachal Pradesh. The scale and complexity of the scam necessitated an extensive investigation, resulting in the arrest of 70 suspects so far. However, the mastermind, Subhash Sharma, remains at large.
International Cooperation and AML Efforts
My role as a crypto lawyer involves filing complaints across various jurisdictions to ensure perpetrators are held accountable. In this case, we worked closely with authorities in India, the UAE, and other countries to facilitate Garg’s arrest. The success of this operation underscores the critical role of global legal and AML arrangements in tackling cryptocurrency fraud.
Future Implications
The arrest of Milan Garg serves as a reminder of the need for vigilance and robust regulatory frameworks to prevent similar scams. It also highlights the importance of international collaboration in tracking and apprehending fugitives who exploit digital currencies for fraudulent purposes. As we continue to pursue Subhash Sharma, the ongoing efforts of law enforcement agencies and legal professionals worldwide are vital in safeguarding the financial interests of innocent investors.
Conclusion
The battle against cryptocurrency scams is far from over, but each victory, like the arrest of Milan Garg, brings us closer to a more secure and transparent financial ecosystem. I urge all victims of crypto fraud to come forward and join us in holding these criminals accountable. Together, we can ensure that justice is served and prevent future scams from causing widespread financial harm.
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Disclaimer
The information provided in this article is for general informational purposes only and does not constitute legal or financial advice.
Author & Crypto Consultant
Shahid Jamal Tubrazy (Crypto & Fintech Law Consultant)
Shahid Jamal Tubrazy, a certified top expert in Crypto Law from Duke University, specializes in #cryptocurrency and #blockchain. As a #FintechLawyer, his services cover legal guidance for #ICOs, #STOs, #DeFi, #DAO, and more. With a strong track record and published books on #BlockchainRegulation and #cryptocurrencyLaws, he offers comprehensive expertise in navigating fintech's complexities. #CryptoAML #LockedAssets #FrozenAssets 🌐💼.
EMAIL: shahidtubrazy@gmail.com
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