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.
🤖 Quick Answer
What is AST Coin and why was it classified as a Ponzi scheme?AST Coin was a fraudulent cryptocurrency investment platform operating in India that solicited investments of 100,000 rupees while promising returns of 700,000 rupees. Indian authorities classified it as a crypto Ponzi scheme after determining it defrauded approximately 1,500 investors of roughly five hundred million rupees, equivalent to approximately $5.5 million USD.
Who was arrested in connection with the AST Coin fraud?
A key suspect identified as Ajay, also known by the alias Tipu, was arrested by the Cyber Cell police of Agra on December 11th. Authorities described him as the main accused in the cryptocurrency fraud. The investigation into the AST Coin scheme remains ongoing as of the arrest date.
**When did the AST Coin fraudulent platform begin operating
📰 Aggiornamenti e Notizie Correlate
(aggiornato al 17/04/2026)1. HashFlare founders given time served for $577M crypto Ponzi - Cointelegraph — Wed, 13 Aug 2025 02:35:22 GMT
HashFlare founders given time served for $577M crypto Ponzi HashFlare co-founders Sergei Potapenko and Ivan Turõgin were given time served for admitting their roles in a $577 million scheme; prosecutors say they’re weighing an appeal. HashFlare founders given time served for $577M crypto Ponzi The…
2. "Judge Shuts Down Crypto Fraud, Orders $228M Returned to Trust-Exploited Investors" - AInvest — Wed, 20 Aug 2025 10:26:50 GMT
- A U.S. judge ordered Eddy Alexandre and EminiFX to pay $228.5M in restitution for a crypto Ponzi scheme defrauding 25,000+ investors via fake 5-9.99% AI return promises. A federal judge in New York has ordered Eddy Alexandre and his company EminiFX to pay $228.5 million in restitution to victims o…3. Another Billionaire ‘Crypto Queen’ Will Be Spending More Than a Decade Behind Bars - Gizmodo — Wed, 12 Nov 2025 14:05:28 GMT
Zhimin Qian is said to have converted much of the proceeds from the scheme into bitcoin when the cryptocurrency was only worth a few thousand dollars as she fled the country and eventually ended up in the United Kingdom. According to Reuters, Qian used her company Lantian Gerui to operate her Ponzi …4. ENFORCEMENT—S.D. Tex.: SEC wins jury trial in $300 million crypto fraud (Feb 13, 2026) - VitalLaw.com — Fri, 13 Feb 2026 00:00:00 GMT
Securities Regulation Daily Wrap Up, ENFORCEMENT—S.D. Tex.: SEC wins jury trial in $300 million crypto fraud, (Feb 13, 2026). + ENFORCEMENT—S.D. Tex.: SEC wins jury trial in $300 million crypto fraud. The SEC announced it obtained a jury verdict against a lead operator of a $300 million crypto fra…
5. Jefferies Steered Feds To $200M Water Ponzi Case, Judge Told - Law360 — Wed, 21 Jan 2026 20:38:00 GMT
Jefferies Steered Feds To $200M Water Ponzi Case, Judge Told. Two men charged in connection with an allegedly massive water-vending Ponzi scheme were investigated after counsel for investment giant Jefferies — one defendant's former employer — walked the case into the... To view the full article, …
6. SEC Unplugs Texas Crypto Miner, Alleging $5.6 Million Ponzi Scheme Fueled by Lavish Spending - WebProNews — Mon, 26 Jan 2026 13:20:07 GMT
The SEC has charged Geosyn Mining and its founders with orchestrating a $5.6 million Ponzi scheme, luring investors with promises of high returns from crypto mining rigs that barely existed. The U.S. Securities and Exchange Commission has leveled fraud charges against a Texas-based crypto asset mini…🔗 Related Articles
- CryptoProgram Ponzi investor sues Ed Zimbardi
- XRP AI Bot Review: Gohar bros launch AI bot ruse Ponzi
- Daisy Global victims funneled into Tag Markets (Bit1)
- BitradeX securities fraud warning from Thailand
- Scott Morris settles Ponzi Patrol defamation lawsuit