- Assam Police uncovered major cryptocurrency Scams near the Bangladesh border with over ₹220 crore ($26.4 million) collected from more than 100,000 investors.
- The fraudulent schemes, including RSN Crypto Currency Token and Crypto TLC 2.0, promised unrealistic 6% monthly returns through supposed AI-powered Forex trading.
- Operators used multiple payment platforms including Binance to convert funds to USD tokens before transferring them abroad, with possible connections to a Dubai-based individual previously linked to a ₹500 crore fraud case.
Indian authorities have dismantled multiple cryptocurrency scam operations in villages along the Assam-Bangladesh border, arresting five individuals within a three-day period. The schemes, which promised investors monthly returns of up to 6% through purportedly AI-powered trading systems, collected more than ₹220 crore (approximately $26.4 million) from over 100,000 victims across the region.
The South Salmara-Mankachar district police in western Assam led the operations, uncovering two fraudulent investment platforms identified as RSN Crypto Currency Token and Crypto TLC 2.0. These multi-level marketing schemes targeted residents in Assam and neighboring Meghalaya, requiring minimum investments of ₹50,000 (approximately $600).
According to investigating officers, the arrested suspects utilized digital payment solutions including PhonePe, Paytm, and Binance — a Chinese-founded cryptocurrency exchange platform for Bitcoin, Ethereum, and various altcoins — to convert Indian rupees into dollar-denominated tokens before transferring investments to unidentified international accounts.
On March 4, a police team led by sub-inspector Jayanta Rajkhowa apprehended 26-year-old Akheruzzaman Ahmed and 27-year-old Nur Alom Ahmed from Tumni Simlakandi village. Officers seized multiple electronic devices and scheme documentation during the arrests.
“Apart from seizing multiple mobile phones, laptops, and crypto scheme documents, we traced their links to Dubai-based Lavish Chaudhury, who was previously accused in a ₹500 crore fraud case in Himachal Pradesh. He had also met with the accused and their team members at a resort in Guwahati,” stated a police officer involved in the investigation.
The investigation has drawn support from the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs, which is assisting local authorities in tracking financial flows and identifying additional suspects in the network.
Additional arrests on March 1 included three individuals — 25-year-old Asadul Islam, 28-year-old Hashanur Zaman, and 28-year-old Kobad Ali Mollah — from various locations across the South Salmara-Mankachar district. These individuals allegedly defrauded over 2,000 people through the fake “RSN” crypto token scheme.
Investigators discovered that beyond direct participation in the cryptocurrency scams, some suspects had supplemented their income by renting their bank accounts to cybercriminals operating in other parts of India, earning between ₹1,000-2,000 ($12-24) monthly for these services.
The case highlights the growing sophistication of cryptocurrency fraud operations in India’s border regions, combining traditional multi-level marketing tactics with modern digital payment systems to circumvent regulatory oversight.
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