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Indian authorities have arrested three individuals in connection with the RSN Crypto scam, a fraudulent investment scheme that tricked over 2,000 victims with false promises of high returns. Law enforcement in Assam uncovered the scam, which reportedly amassed between ₹10-20 crore ($1.14-2.29 million) by deceiving investors through a fake online platform.
Scammers promoted RSN Crypto tokens as a high-yield investment, guaranteeing a 2% daily return. However, investigators found that the collected funds were quickly converted into USDT using exchanges like Binance. The Indian Cyber Crime Coordination Centre (I4C) played a key role in tracing the fraudulent operation, discovering that the website was hosted on an Amazon server and had potential links to China.
Authorities arrested three suspects who admitted to manipulating crypto values and coercing investors. Meanwhile, the alleged mastermind remains at large.
India has seen a surge in crypto-related fraud, with Chinese-backed scams increasingly targeting investors. These schemes often follow a similar pattern, exploiting the growing interest in digital assets.
Earlier this year, authorities exposed the Datameer crypto scam, which defrauded at least 700 investors out of ₹10 million ($114,000). Additionally, in 2023, the Enforcement Directorate charged 299 Chinese-linked entities for operating the HPZ Token crypto mining scam.
As crypto trading volumes in India approach $2 billion, smaller investors are turning to digital assets for income opportunities. Experts predict that India’s crypto market could exceed $15 billion by 2035, making it a prime target for fraudsters. Authorities continue to monitor the industry, cracking down on illicit activities while balancing growing public interest in cryptocurrency.