Rs 200 Cr. Himachal Crypto Currency Scam – Another Fugitive runs away from India
Another fugitive involved in billions of crores cryptocurrency scam in Himachal Pradesh and other Northern West states of India was given a slip to Indian security agencies and confirmed runaway from the country.
According to a senior officer of SIT the mastermind of the scam Subhash Sharma ran away from the country before the SIT could close on him.
According to SIT head Abhishek Dullar main accused Subhash Sharma was expected to be in Dubai but SIT could not locate his hideout in Dubai and his exact location abroad is being tracked.
The SIT may soon connect with Interpol or central agencies to issue a Red corner notice for his deportation to India.
The issue was figured in the state assembly recently as the Independent Legislator raised the issue of the crypto currency scam during the monsoon session.
According to the Director General of Police, Mr Sanjay Kundu said that a SIT was already probing the scam as FIR( No. 120/ 2023) was registered on September 24, 2023 in Police Station Palampur, District Kangra.
Revealing the details of financial fraud DGP said that prime accused Subhash Sharma, Sukhdev Thakur, Hemraj Thakur and others, who are residents of Himachal Pradesh are being under probe.
The crime includes the promotion of a fake cryptocurrency called “Korvio Coin,” with promise of high returns and exaggerated claims to lure investors.
The suspects areaccused 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 cover cheating, fraud, criminal conspiracy, and money laundering charges.
FIR has been registered under sections 420 & 120B of the IPC, V sec. 5 of Himachal Pradesh Protection of Interests of Depositors Act 1999, sec. 21 & 23 of Banning of Unregulated Deposit Schemes Act 2019.
The offenses are punishable by sentences 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. Ten such cases have been taken up by SIT.
Over 50 complaints are under inquiry. The amount involved is huge. Two main accused persons namely Hemraj and Sukhdev have been arrested by SIT from Gujarat recently. and police remand was taken for investigation.
