Dharamshala: The Special Investigation Team (SIT), led by DIG Abhishek Dullar, has unearthed a big and widespread cryptocurrency fraud that has defrauded unsuspecting investors of crores of rupees in the state.
The 13-member SIT was constituted to investigate a web of cryptocurrency deceit after the registration of FIR No. 120/2023 on 24th September 2023 at Palampur Police Station in Kangra district. So far two main accused have been nabbed in the case, claimed the police.
The probe has exposed a labyrinth of financial fraud schemes involving cryptocurrencies:
Key Suspects: Residents of Himachal Pradesh, including Subhash Sharma, Sukhdev Thakur, Hemraj Thakur, and others, are the prime accused, revealed the police.
Fake Crypto Currency: The accused masterminded a bogus cryptocurrency named "Korvio Coin," luring investors with the promise of astronomical returns and overstated claims.
They are alleged to have manipulated the cryptocurrency's prices to their benefit, resulting in substantial losses for investors.
Later, the suspects switched to new cryptocurrencies, "DGT Coin" and "BTPP Token," altering terms and values to the detriment of investors, said the police.
Coercion Tactics: Complaints allege that the accused employed threats and intimidation when investors demanded refunds or expressed dissatisfaction.
There are also allegations of erasing online records and websites related to the cryptocurrencies to potentially eliminate vital evidence, SIT found.
The accused face a battery of legal charges, including cheating, fraud, criminal conspiracy, and money laundering, invoking sections 420 & 120B of the Indian Penal Code (IPC), Section 5 of Himachal Pradesh Protection of Interests of Depositors Act 1999, Sections 21 & 23 of Banning of Unregulated Deposit Schemes Act 2019.
If found guilty, the offenders could be sentenced to up to a decade behind bars. The impact of this scam is staggering, with victims collectively reporting losses exceeding Rs 18 crores, and the numbers could escalate as more victims come forward, police revealed.
According to the Police, the fraudulent operation allegedly spanned approximately three years, starting in 2018-19. The SIT has taken up ten such cases and is currently investigating over 50 complaints.
SIT has already apprehended two main accused individuals, Hemraj and Sukhdev, with their police remand secured for further investigation.
Appeal for Information: Authorities urge anyone with information regarding this case to contact DIG Northern Range, Dharamshala.
Director General of Police Himachal Pradesh, Sanjay Kundu, cautioned, "We are closing in on the kingpins of cryptocurrency scams in HP. We are making all efforts to arrest the accused. We have mapped their assets and are conducting a financial investigation into their holdings. My advice to the people of the state is not to fall prey to cryptocurrency fraudsters. They cheat people with huge returns. Victims are encouraged to come forward to report their cases to the SIT constituted for the purpose."
