Massive Cryptocurrency Scam Uncovered in Himachal Pradesh

Cryptocurrency Scam in Himachal Pradesh

A major cryptocurrency scam involving a fictitious digital currency called 'Korvio Coin' has been uncovered in Himachal Pradesh, India. The scam, estimated at ₹2,500 crore, has been the focus of an investigation by a Special Investigation Team (SIT) led by Deputy Inspector General of Police Abhishek Dhullar.

Targeting Vulnerable Investors

Fraudsters targeted individuals who had received compensation from infrastructure projects, persuading them to invest in the counterfeit cryptocurrency. To further entice participation, high-performing agents were rewarded with lavish foreign trips, totaling approximately ₹3.5 crore for 2,000 trips.

Impact on Investors

The scheme affected around one lakh investors, including numerous government employees. The fraudsters manipulated the prices of 'Korvio Coin' through fake websites, misleading investors into believing in the currency's legitimacy.

Arrests and Ongoing Investigations

So far, 18 individuals have been arrested in connection with the scam. Among the apprehended are those who established investor chains, profiting over ₹2 crore. Some implicated police personnel chose to retire voluntarily after benefiting from the scheme.

Focus on Profiteers

The investigation is now concentrating on individuals who gained substantial profits. The alleged mastermind, Subash, remains at large. Authorities are coordinating with central and financial agencies, along with other state police forces, to pursue actions under the BUDS Act, 2019. This act imposes penalties, including ten years of imprisonment, for those involved in fraudulent activities.

The Himachal Pradesh Police continues to intensify efforts to bring all culprits to justice and prevent further scams of this nature.