Himachal Pradesh Police Arrest 7 More in Cryptocurrency Fraud Case
Police in Himachal Pradesh have arrested seven more people in connection with a multi-crore cryptocurrency fraud case. The accused are accused of luring unsuspecting victims with fake investment plans.
The accused played different roles in the fraud, from managing back-end office activities and databases to coordinating communications, providing technological support, and managing financial transactions and handling the inflow and outflow of funds.
The accused have been remanded to police custody for ten days. The investigation is now focused on gathering evidence and tracing the financial trail to bring all those involved in the scam to justice.
The scam started in 2018 when the fraudsters approached people with an investment plan related to a locally made cryptocurrency called Korvio Coin or KRO coins.
The police have urged the public to come forward with any information related to the case or if they wish to file a complaint. The police have provided a helpline number for inquiries and assistance in the cryptocurrency investigation, which is 85447-36565. Complaints can also be sent via WhatsApp to the same number.
“We will get all the wrongdoers… The investigation is progressing in an organised and planned manner,” DGP Sanjay Kundu said. He added that all those involved in the scam will be dealt with strongly as per law.
Cryptocurrency fraudsters in Himachal Pradesh created fake websites to list their coins and manipulated their prices. They launched a new coin called ‘DGT Coin’ and deliberately crashed its price after enough people had bought it at a high price, causing huge losses to investors.
The investigation also found that the fraudsters ran other deposit schemes, such as a 10 per cent monthly return on a ₹90,000 deposit.
Police have warned the public to be careful of any scheme that promises over 12 per cent annual returns.
Two main accused, Sukhdev and Hemraj, who were arrested in Gujarat earlier this month, confessed during interrogation that they owe ₹400 crore. The alleged kingpin of the scam, Subash, is still on the run.