Indian authorities have made a key suspect arrest in an ongoing AST Coin investigation.

Ajay, who also went by Tipu, was arrested in Agra on December 11th.

As reported by the Hindustan Times on December 12th;

The main accused in the crypto currency fraud, has been arrested by Cyber Cell police of Agra.

The accused had created a fake crypto investment platform and had been active ever since after the pandemic.

AST Coin solicited investments of 100,000 rupees on the promise of a 700,000 rupee ROI. Authorities believe AST Coin defrauded close to 1,500 investors out of “about” five hundred million rupees (~$5.5 million USD).

At least one AST Coin investor committed suicide;

In a tragic consequence of the fraud, a woman from Karvana village died by suicide in 2024 after coming under severe financial stress. Her family’s complaint triggered one of the key FIRs in the case.

“FIR” stands for First Information Report, which in India marks the beginning of a criminal investigation.

During interrogation, Ajay admitted that the gang had been operating for the past five years, travelling across Uttar Pradesh, Rajasthan, Madhya Pradesh, Haryana and Delhi to lure investors.

After the crypto boom during the post-Covid period, they saw an opportunity to exploit public curiosity for quick digital profits.

The 420 additionally reports that, prior to AST Coin, Ajay promoted Speak Asia and eBiz.

Speak Asia was an MLM Ponzi scheme built around a survey ruse. eBiz was an MLM pyramid scheme launched in 2001. Two eBiz arrests were made in 2019.