Shimla – After a year-long pursuit, authorities have arrested Milan Garg, the alleged mastermind behind a ₹1,740-crore cryptocurrency scam that ensnared over one lakh individuals across Himachal Pradesh. Garg’s capture in Kolkata follows his detention by immigration officials at Netaji Subhas Chandra Bose International Airport just days earlier.
Milan Garg, a 35-year-old resident of Meerut, Uttar Pradesh, had evaded arrest since last October when the massive fraud scheme was first exposed. The scam preyed on investors with promises of doubling their investments through various crypto coins and websites, exploiting the burgeoning interest in digital currencies.
“This arrest is a significant breakthrough in our ongoing efforts to bring justice to the victims of this elaborate crypto scam,” remarked DIG Abhishek Dular, head of the Special Investigation Team (SIT) leading the case. “Garg’s expertise in digital content creation facilitated the creation of fraudulent platforms like DGT Coin, Fish Token, Hypnext Coin, and Corvio Coin, which deceived thousands.”
The investigation revealed that Garg, alongside accomplices, allegedly orchestrated the creation of approximately 250,000 fake IDs to perpetrate the scam, with the highest concentration of victims reported in Mandi, Kangra, Hamirpur, and Una districts.
“While Garg attempted to flee to Dubai earlier this week, he was intercepted by immigration authorities at Kolkata Airport due to an active lookout notice,” explained Dular. “He was promptly detained by local authorities, and our team swiftly coordinated his transfer to Shimla for further legal proceedings.”
Authorities have already arrested 70 individuals linked to the scam, although the alleged primary mastermind, Subhash Sharma, remains at large. Initial reports suggested Sharma fled to Dubai before relocating elsewhere, complicating international efforts to apprehend him.
“The investigation has also identified several shell companies used to launder funds collected from unsuspecting investors,” Dular added. “These entities, including Soymans India Pvt Ltd and UBB Associates LLP, were registered across Chandigarh, Delhi, and Himachal Pradesh.”
The SIT has filed multiple chargesheets in a Special Court under the stringent Banning of Unregulated Deposit Schemes (BUDS) Act, 2019, underscoring the severity of financial crimes in the digital age. Authorities continue their pursuit of justice, emphasizing their commitment to protecting the public from fraudulent schemes.
