Himachal Police Advisory: Appeals public not to fall prey to the crypto-currency fraudsters
Himachal Pradesh State Police issued an advisory to the general public not to fall prey to Cryptocurrency fraudsters as gullible people are being allured by the scamster to double their investments.
In a press release issued by the Director General of State Police Mr. Sanjay Kundu here today stated that they cheat people with huge returns and in case of such a trap victims should come forward to report their cases to the SIT constituted for the purpose.
He said that on September 26 a Special Investigation Team (SIT) headed by Abhishek Dullar, IPS, DIG-NR Dharamshala comprising 13 members was constituted to investigate the cases related to cryptocurrency.
The SIT has been directed to look into the bigger conspiracy with respect to cryptocurrency in the State.
SIT has also been directed to carry out professional and impartial investigations, including financial investigations of cases related to cryptocurrency.
During the course of the investigation of case FIR No. 120/ 2023 dated 24-09-2023 registered in Police Station Palampur, District Kangra, the following details of the complex financial fraud schemes involving cryptocurrency investments have been found.
DGP said that SIT is closing on the kingpins of cryptocurrency scams in HP soon and fraudsters would be soon within their reach.
“We are making all efforts to arrest the accused. We have mapped their assets and are conducting a financial investigation into their asset” Mr Kundu stated.
According to SIT prime accused individuals are, Subhash Sharma, Sukhdev Thakur, Hemraj Thakur, and others, who are residents of Himachal Pradesh Two main accused namely Hemraj and Sukhdev have been arrested by SIT from their hideout in Gujarat.
A number of complaints are now pouring in, some of which are being enquired into, and in some, FIRs have been registered and regular investigation is taking place. Their police remand is being taken for investigation.
The crime includes the promotion of a fake cryptocurrency called “Korvio Coin,” with the promise of high returns and exaggerated claims to lure investors.
The suspects are accused of manipulating the crypto currency’s prices to their advantage, leading to losses for the investors.
They also switched to new cryptocurrencies, “DGT Coin” and “BTPP Token,” changing terms and values to the detriment of investors.
Furthermore, the complainants claim that the accused resorted to threats and intimidation when investors sought refunds or expressed dissatisfaction. They are also alleged to have deleted online records and websites related to cryptocurrencies to potentially erase evidence.
The legal allegations against the accused include the following. These cover cheating, fraud, criminal conspiracy, and money laundering sections 420 & 120B of the Indian Penal Code (IPC) or section 5 of Himachal Pradesh Protection of Interests of Depositors Act 1999 under all sections 21 & 23 of Banning of Unregulated Deposit Schemes Act 2019.
The offenses are punishable by sentences of up to 10 years of imprisonment. The impact of this scheme is substantial, with the complainants collectively reporting losses exceeding INR 18 crores.
With more people or investors coming forward, the losses suffered are likely to increase.
The fraud scheme started in the year 2018-19 and continued for around 3 years.
10 such cases have been taken up by SIT. Over 50 complaints are under inquiry. The amount involved is huge.
