On 29th October (Sunday), police said that the SIT probing the alleged cryptocurrency scam conducted searches at 41 different locations in Himachal Pradesh. During these raids, they arrested one of the main accused Abhishek Sharma, who had been evading arrest so far.
According to the Police, Abhishek is a resident of the Una district and he was one of the four main accused in the scam that started in 2018. Back then, they approached people with an investment plan related to a locally made (Mandi district) cryptocurrency known as “Korvio Coin” or KRO coin, police added.
Earlier, the police arrested the other two main accused Sukhdev and Hemraj in Gujarat. During investigations, they confessed that they have outstanding liabilities of Rs 400 crore. However, the fourth accused in the case, Subash is also the alleged kingpin of the scam. He is still at large and is reportedly hiding in Dubai.
A statement issued by the police said that Abhishek was apprehended by the SIT and produced in a court, which remanded him to five-day police custody.
According to the statement, the agency conducted searches at 25 places in Hamirpur, seven in Kangra, four in Bilaspur, two each in Mandi, Una, and one in Solan district.
During these searches, they also recovered crucial evidence, including incriminating documents, property records, mobile phones, and other digital devices, the statement added.
Speaking to PTI, DGP Sanjay Kundu said that the evidence collected during these searches will play a vital role in our ongoing investigation. The senior police official added that it brings them one step closer to holding the culprits accountable for their actions.
DGP added that so far 10 people have been arrested in this multi-crore cryptocurrency fraud case.
According to the police, the scammers lured innocent people by promising handsome returns in a short span of time and built a network of investors. Three to four kinds of cryptocurrencies were used and fake websites were created, in which the cryptocurrencies’ prices were manipulated and inflated, police added.
The SIT investigations revealed that more than one lakh individuals were duped in the alleged fraud. Around 2.5 lakh IDs have been found which include multiple IDs of the same person in connection with this case.
The officials said that the accused used a combination of misinformation, deception, and threats to maintain control over the scheme causing huge financial losses to the victims. The victims also include more than a thousand police personnel who had fallen prey to the fraud.
According to the officials, while a majority of the police personnel were duped of crores of rupees, some of them made huge gains, opted for the voluntary retirement scheme (VRS), and became its promoters.
The DGP had earlier assured that the investigation was progressing in an organised and planned manner. The senior Police official added that all those involved in the scam will be dealt with strictly according to law.
In the wake of these scams, Police have constantly warned the general public to remain vigilant and exercise caution on such investment schemes, particularly in the cryptocurrency space. Cryptocurrency is a digital currency meant to function as a medium of exchange over a computer network. It is not dependent on any central authority, like a government or a bank, to regulate or maintain it.
