SHIMLA: The Special Investigation Team (SIT) constituted to probe the multi-crore Crypto currency fraud cases in Himachal Pradesh has arrested two main accused persons identified as Hemraj and Sukhdev, both residents of Mandi district, from Gir Somnath in Gujarat and now their police remand is being taken for investigation.
DGP Sanjay Kundu said that SIT is closing in on the kingpins of crypto currency scams in Himachal Pradesh and is making all efforts to arrest the accused.
He said that police have also mapped their assets and are conducting financial investigation into them.
It is being said that both the arrested accused after committing the crime were hiding in a village of Gujarat and after tracing their locations the SIT went there and arrested them and finally brought them back to Himachal Pradesh.
Raising the issue in the Assembly during the recent monsoon session, Dehra MLA Hoshyar Singh had said that CryptoCurrency scam is worth Rs 200 crore in Hamirpur, Rs 100 crore in Una, and between Rs 200 to Rs 250 crore in Kangra district. After this, deputy chief minister Mukesh Agnihotri had announced to constitute the SIT to probe the matter.
On September 26, Special Investigation Team (SIT) headed by Abhishek Dullar, DIG (Northern Range Dharamshala) comprising 13 members was constituted to investigate the cases related to crypto currency. The SIT has been directed to look into the bigger conspiracy with respect to crypto currency in the State and has also been directed to carry out professional and impartial investigation, including financial investigation of the cases related to crypto currency.
During the course of investigation of case FIR No 120/ 2023 dated September 24 registered at Police Station Palampur in Kangra district with regard to complex financial fraud schemes involving crypto currency investments, the police has found that the prime accused individuals are, Subhash Sharma, Sukhdev Thakur, Hemraj Thakur and others, who are residents of Himachal Pradesh.
Police officials said that the impact of this scheme is substantial, with the complainants collectively reporting losses exceeding Rs 18 crores. With more people/investors coming forward, the losses suffered are likely to increase. They said that the fraud scheme started in 2018-19 and continued for around 3 years. So far, 10 such cases have been taken up by SIT and over 50 complaints are under enquiry. The amount involved is huge.
DGP, in his statement, said that the crime includes the promotion of a fake crypto currency called “Korvio Coin,” with promises 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 crypto currencies, “DGT Coin ” and “BTPP Token,” changing terms and values to the detriment of investors.
Furthermore, the complainants have claimed 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 the crypto currencies to potentially erase evidence. Cases under the charges of cheating, fraud, criminal conspiracy and money laundering have been registered by police in different police stations.
According to police 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.
DGP said that his advice to simple people of the State is not to fall prey to the crypto-currency fraudsters. He said that they cheat people with huge returns. He said that victims should come forward to report their cases to the SIT constituted for the purpose.
DGP Sanjay Kundu said that SIT is closing in on the kingpins of crypto currency scams in Himachal Pradesh and is making all efforts to arrest the accused.
He said that police have also mapped their assets and are conducting financial investigation into them.
It is being said that both the arrested accused after committing the crime were hiding in a village of Gujarat and after tracing their locations the SIT went there and arrested them and finally brought them back to Himachal Pradesh.
Raising the issue in the Assembly during the recent monsoon session, Dehra MLA Hoshyar Singh had said that CryptoCurrency scam is worth Rs 200 crore in Hamirpur, Rs 100 crore in Una, and between Rs 200 to Rs 250 crore in Kangra district. After this, deputy chief minister Mukesh Agnihotri had announced to constitute the SIT to probe the matter.
On September 26, Special Investigation Team (SIT) headed by Abhishek Dullar, DIG (Northern Range Dharamshala) comprising 13 members was constituted to investigate the cases related to crypto currency. The SIT has been directed to look into the bigger conspiracy with respect to crypto currency in the State and has also been directed to carry out professional and impartial investigation, including financial investigation of the cases related to crypto currency.
During the course of investigation of case FIR No 120/ 2023 dated September 24 registered at Police Station Palampur in Kangra district with regard to complex financial fraud schemes involving crypto currency investments, the police has found that the prime accused individuals are, Subhash Sharma, Sukhdev Thakur, Hemraj Thakur and others, who are residents of Himachal Pradesh.
Police officials said that the impact of this scheme is substantial, with the complainants collectively reporting losses exceeding Rs 18 crores. With more people/investors coming forward, the losses suffered are likely to increase. They said that the fraud scheme started in 2018-19 and continued for around 3 years. So far, 10 such cases have been taken up by SIT and over 50 complaints are under enquiry. The amount involved is huge.
DGP, in his statement, said that the crime includes the promotion of a fake crypto currency called “Korvio Coin,” with promises 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 crypto currencies, “DGT Coin ” and “BTPP Token,” changing terms and values to the detriment of investors.
Furthermore, the complainants have claimed 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 the crypto currencies to potentially erase evidence. Cases under the charges of cheating, fraud, criminal conspiracy and money laundering have been registered by police in different police stations.
According to police 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.
DGP said that his advice to simple people of the State is not to fall prey to the crypto-currency fraudsters. He said that they cheat people with huge returns. He said that victims should come forward to report their cases to the SIT constituted for the purpose.