Indian authorities arrested at least eleven people accused of running a cryptocurrency scam that drew ₹40 crore (around $5.3 million) from investors. The alleged ringleader, Nishid Wasnik, flaunted his luxury lifestyle to help convince investors to put money into his firm, which he said traded Ether. According to one official, “He manipulated the website of the firm to show a steady rise in the value of investments, while transferring money into his accounts fraudulently between 2017 and 2021”. Wasnik is also facing outstanding cases, including two murder charges, and had been in hiding since March 2021.