The Special Investigation Team (SIT) has taken a significant step in the ongoing investigation of a massive Rs 2,500 crore cryptocurrency scam by filing a supplementary chargesheet against Milan Garg, a key associate of the scam’s kingpin. This development comes as authorities continue to unravel the complexities of the fraudulent scheme that has affected numerous investors.
Details of the Chargesheet
Milan Garg, a 35-year-old resident of Meerut, Uttar Pradesh, has been implicated in the design and marketing of fake cryptocurrency coins. These fraudulent coins were used to deceive investors by promising exorbitant returns on their investments.
- Key points regarding the chargesheet:
- Garg was arrested in July and is considered a crucial figure in the scam.
- The chargesheet outlines his role in creating and promoting the Ponzi scheme that lured investors with false promises.
The mastermind behind the operation, Subhash, remains at large and is believed to be hiding in Dubai, complicating the investigation further.
The Scam’s Modus Operandi
The scam, which dates back to 2018, involved the use of Ponzi cryptocurrency schemes to attract unsuspecting investors. The perpetrators approached individuals, including government employees and police personnel, with investment plans centered around a locally developed crypto coin.
- The tactics employed included:
- Promising high returns in a short period, which initially drew in many investors.
- Threatening investors with repercussions if they questioned the legitimacy of the scheme after payments ceased.
As the scheme unraveled, many investors became suspicious when they stopped receiving their promised returns, leading to a wave of complaints and concerns.
Legislative Attention and Ongoing Investigations
The issue gained significant attention in 2023 when Hoshiyar Singh, an Independent MLA from Dehra, raised concerns during the Himachal Pradesh Legislative Assembly’s monsoon session. Following his remarks, Deputy Chief Minister Mukesh Agnihotri ordered the formation of the SIT to investigate the matter thoroughly.
- So far, the investigation has led to:
- The arrest of 26 individuals connected to the scam.
- The seizure of properties worth crores, indicating the scale of the operation.
Despite these efforts, the fugitive kingpin Subhash remains elusive, prompting ongoing efforts by law enforcement to locate and apprehend him.
As the investigation continues, the SIT aims to bring all involved parties to justice and provide some measure of restitution to the victims of this extensive cryptocurrency fraud.

Leo Frost, the visionary founder and senior content writer at Crypto Quill, brings a wealth of expertise and creativity to the world of cryptocurrency. With a passion for blockchain technology and digital assets, Leo’s insightful articles captivate readers, offering valuable insights into the evolving landscape of crypto. As a seasoned writer and industry pioneer, Leo is committed to delivering engaging content that educates and inspires audiences worldwide.