Financial investigation begins in Crypto Currency scam: SIT
The Special Investigation Team (SIT) probing the crypto-currency fraud involving ‘Korivo, DGT, and Voscrow’ has shifted its focus to conducting raids, seizing assets, and freezing the bank accounts of those involved in the scam.
In a press release issued by the HP Police spokesperson, it was revealed that a financial investigation has been launched to identify additional suspects and accused individuals in the case. The SIT is now interrogating associates of the mastermind in various areas of the state, besides pursuing the main culprits.
The agency has successfully seized incriminating documents and the proceeds of the fraudulent activities, including evidence of transactions recovered from individuals in Himachal, Punjab, Chandigarh, and Haryana.
Two key suspects, Hemraj and Sukhdev, recently apprehended by the SIT in Gujarat, have been identified and placed in judicial custody for the next 12 days, until October 21.
As per a recent update in the media, the involvement of a former policeman in the crypto-currency fraud and its links to power centers has become significant obstacles for the SIT’s ongoing investigation.
According to media reports, a retired head constable, Sunil Kumar, was arrested by Mohali Police yesterday in connection with the crypto-currency fraud. Additionally, Ashwini Kumar has been apprehended by Punjab Police in the same case. Both accused individuals are residents of Hamirpur, Himachal, and allegedly enticed people in Himachal and Punjab to invest in crypto-currency with promises of double returns.
Reliable sources also suggest that Chief Minister Sukhwinder Sukhu, who heads the Home and finance portfolio, is closely monitoring the investigation. However, he is concerned about the role played by state agencies in allowing the billion-dollar financial fraud to persist for an extended period. The State Government has requested the names of police officers and employees involved in the nexus, although this information was not disclosed in the press release.
Here it is noteworthy that the linkage of the crypto-currency fraud to the state police force is likely to tarnish the integrity and image of the state police further. It is reminiscent of the Gudiya Case probe and police paper leak scam, where the CBI has indicted several senior state police officers who are still undergoing trial for their complicity in and cover-up of these serious crimes.
Meanwhile in this fraud case, the primary accused, Subhash of Mandi, has managed to evade the SIT and has fled abroad. The SIT is currently working on the necessary procedures to have the accused deported, and it is in contact with the Union Ministry of External Affairs and Interpol.
As the investigation progresses, it appears that a significant amount of money from innocent individuals has been swindled with promises of doubling their investments.
The initial estimate of the crypto-currency fraud was around Rs 200 crore, but with fresh complaints and the arrest of the two masterminds, the total crime is now believed to exceed Rs 400 crore as the investigation delves deeper.
