Special Investigation Team (SIT) in Himachal Pradesh has arrest seven persons for their involvement in luring unsuspecting victims with fake investment plans in cryptocurrency fraud case, as per police.
All 7 accuse play diffrent roles in the fraud from managing back-end office activities and databases, coordinating communications, providing technological support, managing financial transactions and handling inflow and outflow of funds, as per statement issue by the police.
The accuse have remanded to police custody for ten days.
The investigations are now focuse on gathering evidence and tracing the financial trail to bring all those involve in the scam to justice, as per statement by police.
Police said except one accuse, all were residents of Himachal Pradesh.
The accuse were identified as :
- Amit Pradeep Singh from Hamirpur
- Govind Goswami from Kangra
- Sanjay Kumar, Kewal Singh, Digvijender Singh and Paras Ram Sen from Mandi
- Radhika Sharma from Panchkula in Haryana.
This scam start in 2018 when the fraudsters approach people with an investment plan relate to a locally made in Mandi district cryptocurrency known as “Korvio Coin” or KRO coins.
The scammers froud innocent people by promising handsome returns in a short span of time and built a network of investors.
Three to four kinds of cryptocurrency were use and false websites in which the cryptocurrency prices were manipulate and inflate were create.
Cryptocurrency is a digital currency design to work as a medium of exchange via a computer network that is not dependent on any central authority, such as the government or bank to uphold or maintain it.
The SIT investigations have reveal that at least one lakh people have dupe by the fraudsters in the cryptocurrency fraud, and 2.5 lakh IDs have found which include multiple IDs of the same person.
The accuse use a combination of misinformation, deception and threats to maintain control over the scheme causing huge financial losses to the victims.
More than a thousand police personnel have also fallen victim to the fraud.
As a majority of them were dupe of crores of rupees, some of them made huge gains, opted for voluntary retirement scheme (VRS), and became its promoters.
The investigation is progressing in an organise and plan manner, DGP Sanjay Kundu had told PTI earlier.
Sanjay Kundu adds that all those involve in the scam will be dealt with strongly as per law.
Police have caution the general public to remain vigilant and exercise caution on such investment opportunities, particularly in the cryptocurrency space.
