In a significant development, the Uttar Pradesh Police in India have arrested Santosh Kumar, the mastermind of a multi-crore cryptocurrency scam. Kumar and his associate, Suryabhan Gautam, are accused of defrauding investors of over Rs. 21 crore (approximately $2.6 million) by creating a fake cryptocurrency exchange and luring investors with promises of high returns. Once investors deposited their funds, the duo would siphon off the money and disappear. Police have seized several bank accounts and cryptocurrency wallets belonging to the duo. This arrest is a warning to investors to be vigilant of such scams and to only invest with reputable cryptocurrency exchanges.