November 6, 2023
Arrests made in $300 million Indian crypto scam
Indian police have arrested around eighteen people, including four police officers, in connection with a $300 million cryptocurrency scam that affected around 100,000 people in Himachal Pradesh. Victims were invited to invest in a cryptocurrency called Korvio Coin (KRO), but later the scam incorporated other tokens as well. Around 5,000 government officials and around 1,000 police fell victim to the scam, with some themselves becoming promoters.
The scam was allegedly orchestrated by Subhash Sharma, who has not been apprehended. This particular fraud was uncovered in September, but has been ongoing since as long ago as 2018.
Major crypto scam is being investigated by authorities in Himachal Pradesh
Scam News
Nov, 06, 2023
3 min read
In a significant crackdown on high-profile cryptocurrency fraud, the Special Investigation Team (SIT) in Himachal Pradesh has made substantial headway, detaining eight individuals, including four police officers, in connection with a colossal Rs 2,500 crore ($300.45 million) scam that has been unraveling since 2018.
Ongoing investigation yields more arrests
The SIT’s relentless pursuit of justice in the sprawling cryptocurrency scam has led to a recent series of arrests. The investigation, which has gained momentum in recent weeks, has now seen 8 individuals apprehended, with the latest detentions bringing in a diverse group of suspects, ranging from law enforcement officials to a forest guard.
Among the accused are Naresh Kumar of Hamirpur, Sunil Kumar, who served as a Jail Warder at Bangarh jail, Jyoti, a lady constable posted at Hamirpur, and Balbir Singh, a police personnel stationed at Kanda Jail in Shimla. Ram Kumar Rana, fulfilling his duties as a forest guard in Sunjanpur Tihra, alongside civilians Kirshan Dutt from Hamirpur, Neel Dhiman from Baddi, and Gurdeep from Solan, also find themselves entangled in the legal net cast by the SIT.
In addition to these arrests, the SIT recently took into custody one Abhishek, a resident of the Una district, believed to be the mastermind behind the operation that duped over 1 lakh individuals. The vast scale of the scam has resonated deeply, affecting not just private citizens but also over 5,000 government employees, including police officers who have suffered financial losses.
The deep impact of the crypto scam
The case has sent shockwaves through Himachal Pradesh, leaving in its wake over 1 lakh victims defrauded by the promise of lucrative returns on cryptocurrency investments. The scam, which promised substantial profits, drew in a vast number of people, including a significant number of government employees. The size and scale of the fraud have caused not only widespread personal financial distress but also significant embarrassment to the State Government.
Director General of Police Abhishek Dullar, leading the SIT, has taken the accused into five days of police remand to further probe the depths of the complex case. During interactions with the media, DIG Dullar emphasized the team’s determination to continue the investigation aggressively to identify and apprehend all individuals associated with the scam.
As the investigation deepens, the SIT has expressed concerns that a considerable sum, amounting to Rs 500 crores, may be irretrievable, dealing a harsh blow to the victims who had placed their hard-earned money into what they believed were viable investments.
Collaborative efforts and a warning to investors
In their quest to dismantle the scam network, the Himachal Pradesh police are working closely with the Punjab Police. They have received assurances of full support from the Union Home Ministry, reinforcing their resolve to ensure that those responsible face stringent legal consequences.
The sweeping 2018 cryptocurrency scam stands as a stark cautionary tale for investors and crypto traders across India. The authorities have underscored the need for heightened awareness and due diligence among potential investors. In light of the scam, police, and regulatory bodies are urging the public to conduct comprehensive research and exercise great caution before investing in any companies or platforms offering cryptocurrency investment opportunities.
As the Himachal Pradesh cryptocurrency scam continues to unfold, it serves as a potent reminder of the volatile and often unregulated nature of crypto markets. This high-profile case may well prompt a reevaluation of cryptocurrency regulations and investment practices in India. As the SIT continues its diligent work, the people of Himachal Pradesh and beyond watch closely, hopeful for justice and a return on their investments.
Conclusion
The ongoing cryptocurrency scam investigation in Himachal Pradesh exposes the risks inherent in unregulated investment spaces. The actions taken by authorities, resulting in a significant number of arrests, underscore the need for greater regulatory oversight in the crypto domain. While the investigation progresses, the potential loss of funds stands as a cautionary tale for investors, signaling the importance of diligence and the need for enhanced investor protection mechanisms in the burgeoning world of cryptocurrency.
Cryptocurrency Fraud Case: मुख्य आरोपी सुभाष की मंडी-जीरकपुर में तीन करोड़ की संपत्ति जब्त
अमर उजाला ब्यूरो, शिमला Updated Tue, 07 Nov 2023 10:34 AM IST
शिमला
पुलिस की विशेष टीम (एसआईटी) ने क्रिप्टोकरेंसी ठगी मामले के मुख्य आरोपी सुभाष की मंडी और जीरकपुर (पंजाब) में 3 करोड़ रुपये की संपत्ति जब्त कर दी है।
विस्तार
हिमाचल पुलिस की विशेष टीम (एसआईटी) ने क्रिप्टोकरेंसी ठगी मामले के मुख्य आरोपी सुभाष की मंडी और जीरकपुर (पंजाब) में तीन करोड़ रुपये की संपत्ति जब्त कर दी है। अब तक मामले में आरोपियों की साढ़े 12 करोड़ की संपत्ति सीज की जा चुकी है। संपत्ति आरोपी सुखदेव, हेमराज और सुभाष की है। एसआईटी अभिषेक की संपत्ति भी खंगाल रही है। पुलिस की वित्तीय टीम शनिवार रात को गिरफ्तार किए 8 आरोपियों की संपत्तियां खंगालने में भी जुट गई है। हफ्ते के भीतर उनकी संपत्तियों का लेखा-जोखा पुलिस के पास आ जाएगा।
एसआईटी का मानना है कि सुभाष की मंडी और जीरकपुर में छह संपत्तियां हैं। आरोपी ने प्लॉट और फ्लैट खरीदे हैं, इनको जब्त किया गया है। जिन आरोपियों ने अन्य नाम से भी संपत्तियां बनाई हैं, उनका भी रिकॉर्ड खंगाला जा रहा है। आरोपी सुभाष अभी दुबई में है। कुछ आरोपियों की गिरफ्तारी के बाद वह दुबई भाग गया था। उसका बीजा खत्म हो गया है। पुलिस को अंदेशा है कि आरोपी सुभाष की 200 करोड़ की संपत्ति हो सकती है।
पांच और आरोपियों की आज हो सकती गिरफ्तारी
एसआईटी अब तक मामले में 18 आरोपियों को गिरफ्तार कर चुकी है। मंगलवार को पांच और आरोपी गिरफ्तार किए जा सकते हैं। मामले में एसआईटी को 351 शिकायतें मिल चुकी हैं। तीन दिन पहले आंकड़ा 293 था। आरोपियों के झांसे में आकर लोगों ने लाखों रुपये का निवेश किया है। अब पीड़ित पुलिस से पैसा वापस दिलवाने की मांग कर रहे हैं। क्रिप्टोकरेंसी मामले में दो हजार करोड़ रुपये के घोटाले की आशंका है।
ARRESTS OVER INDIA’S KORVIO COIN CRYPTO SCAM RISE TO 18
NOVEMBER 7, 2023 12:20 AM UTC
An ongoing crypto scam in India that duped around 100,000 people out of $300 million continues to unravel, with eight new arrests, including four police officers.
The elaborate scheme, which has been under the Special Investigation Team’s (SIT) lens, saw victims from various backgrounds, including 5,000 government officials and roughly 1,000 police personnel. This deceptive operation had been running since 2018, when fraudsters first began peddling the local cryptocurrency named Korvio Coin, or KRO coins, which later involved multiple cryptocurrencies through sham websites, including a rug pull incident.
The scandal, originating in Himachal Pradesh’s Mandi district, drew in over a thousand police officials. While the majority were swindled, some reportedly reaped substantial profits, and a few even became active promoters of the fraudulent cryptocurrency, bringing in more investors.
Despite over 56 complaints lodged over two years, the scam only recently unraveled following extensive probes by various agencies, including the Enforcement Directorate. Recent searches led to the discovery of around 250,000 ID cards related to the suspects. Investigations revealed that over 100 individuals made profits exceeding $240,000 each, and around 200 others earned about $120,000 each from the scam.
To entice investors, the swindlers launched not only the ‘Korvio Coin’ but also another digital token named ‘DGT Coin,’ setting up counterfeit websites displaying manipulated prices for these cryptocurrencies. They promised high returns in short periods, expanding their network through a chain of new investors.
The scam gained legitimacy as some police personnel, after taking voluntary retirement, became promoters of the scheme, thus attracting a wider circle of investors. The scale of the scam was vast, with some individuals bringing in up to 1,000 people each.
Authorities have found that the perpetrators used misinformation, deception, and even threats to keep the operation afloat. They continued to fleece investors by fluctuating the cryptocurrency prices, leading to substantial financial damages.
While 18 arrests have been made to date, the alleged mastermind behind the scam, Subhash Sharma, remains elusive. Authorities have seized several properties linked to Sharma in the ongoing investigation.
The Enforcement Directorate’s probe is expanding to include the involvement of five women who are suspected of having served as agents or promoters for Sharma. This case is unfolding as one of the largest cryptocurrency frauds in India, revealing the perils and potential for exploitation in the unregulated crypto market.
印度警方在價值3億美元的加密詐騙案中已逮捕18人
2023/11/07 02:31
據印度當地媒體消息，印度警方在價值3億美元的Himachal Pradesh加密詐騙案中已逮捕18人，其中包括4名警察。根據特別調查組(SIT)的調查結果，Himachal Pradesh騙局的受害者包括5,000名政府官員和約1,000名警察。該騙局於9月下旬曝光，但可能早在2018年就已開始，詐騙者通過涉及當地加密貨幣Korvio Coin（或KRO幣）的投資計劃接近潛在受害者。據報導，該調查仍在繼續，騙局頭目Subhash Sharma仍然在逃。
印度警方在價值3億美元的加密詐騙案中再次逮捕8人
2023-11-07 8:16
11月7日消息，據CoinDesk報道，印度警方在喜馬偕爾邦一起涉及3億美元的加密詐騙案中再次逮捕了8人，其中包括四名警察，目前已有18人被捕。該騙局影響了約10萬人，其中包括5000名政府官員和約1000名警察。
該騙局於9月下旬曝光，但可能早在2018年就已開始，詐騙者通過涉及當地加密貨幣Korvio Coin的投資計劃和其他幾種通過假網站推廣的加密貨幣，隨後跑路。據報道，調查發現超過100人從該騙局中每人獲利24萬美元，另有200人每人獲利約12萬美元。主謀Subhash Sharma仍在逃，與他有關的幾處財產已被查明並被扣押。
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