Special Investigation Team (SIT) to probe crores of rupees Cryptocurrency A fraud case in Himachal Pradesh has arrested seven more people for their involvement in luring unsuspecting victims with bogus investment schemes, police said on Tuesday.
All the accused have played distinct roles forgery From back-end office operations and database management, coordinating communications, providing technical support, handling financial transactions and managing inflow and outflow of funds, a police headquarters statement said.
The accused have been sent to ten-day police custody. The investigation is now focused on gathering evidence and tracing the financial trail to bring to justice all those involved in the scam, the statement said.
The police said that all the accused, except one, are residents of Himachal Pradesh. The accused are Amit Pradeep Singh of Hamirpur; Govinda Goswami from Kangra; Sanjay Kumar, Kewal Singh, Digvijendra Singh and Paras Ram Sen from Mandi; and Radhika Sharma of Panchkula in Haryana, police said.
The scam started in 2018 when fraudsters approached people with an investment scheme related to a cryptocurrency known locally (in Mandi district) as “Korvio Coin” or KRO Coin.
Fraudsters lure unsuspecting people with promises of handsome returns in a short period of time and build a network of investors. Three to four types of cryptocurrencies were used and fake websites were created where cryptocurrency prices were manipulated and inflated.
Cryptocurrency is a digital currency designed to function as a medium of exchange over a computer network that is not dependent on a central authority, such as a government or bank, to maintain or maintain it.
The SIT investigation revealed that at least one lakh people were duped by fraudsters in the cryptocurrency scam and 2.5 lakh IDs including multiple IDs of the same person were found.
The accused used a combination of misinformation, deception and threats to maintain control over the scheme resulting in huge financial losses to the victims.
More than 1,000 policemen have also been cheated. Although most of them were cheated of crores of rupees, some of them made huge profits, opted for the Voluntary Retirement Scheme (VRS) and became its promoters.
We will get all wrongdoers
The investigation is proceeding in an organized and planned manner, DGP Sanjay Kundu had earlier told PTI. He also said that all those involved in the scam will be dealt with strictly according to law.
The police have asked the general public to be vigilant and watch out for such investment opportunities, especially in the cryptocurrency space.
Earlier, the two prime accused Sukhdev and Hemraj were arrested in Gujarat, and during investigation, both admitted that they owed Rs. 400 crores. Subas, the alleged kingpin of the scam, is still absconding.