Indian authorities have arrested eight more people, including four police officers, in connection with a $300 million cryptocurrency fraud case.

Four of the eight people arrested were police officers. According to the findings of the Special Investigation Team (SIT), the victims of this scam include 5,000 government employees and about 1,000 police officers.

The scam, centered around a local cryptocurrency called Corbio Coin (KRO Coin), was discovered in late September, but research suggests it may have started as early as 2018. Through fake websites, scammers sought unsuspecting victims with investment programs like Korvio Coin, but eventually expanded to other cryptocurrencies.

From 2021 to 2023, local police received a total of 56 complaints regarding cryptocurrency fraud. Following these reports, multiple agencies, including the Enforcement Directorate, in collaboration with local police teams, launched a comprehensive investigation led by the SIT.

At the end of October, hundreds of searches were carried out, during which approximately 250,000 suspect ID cards were seized. More than 100 people made $240,000 each from the scam, and another 200 made about $120,000 each, according to the investigation. Eighteen people have been arrested so far, but the alleged mastermind of the operation, Subhash Sharma, remains at large. Meanwhile, authorities discovered and seized several properties linked to Sharma. Law enforcement agencies are also investigating the activities of five women who allegedly acted as Sharma's agents or promoters.

Himachal Pradesh Deputy Chief Minister Mukesh Agnihotri told the public that more arrests are expected as the investigation progresses and that authorities will obtain a list of those who invested in the scheme.

This comes after Thai authorities recently cracked down on a fraudulent cryptocurrency scheme worth $277 million in cooperation with Binance and US authorities.