Shimla, July 18,
In a major development, the Himachal Pradesh Police have apprehended Milan Garg, a 35-year-old fugitive linked to a ₹1,740-crore cryptocurrency scam, in Kolkata. Garg, a resident of Meerut, Uttar Pradesh, was detained by immigration officials at Netaji Subhas Chandra Bose International Airport on Monday as he attempted to flee to Dubai. Following his detention, he was handed over to Kolkata police, who then notified the Himachal Pradesh authorities. An investigative team promptly transported him to Shimla, where he was produced in court and remanded to police custody for two days, confirmed the Police SIT head.
This arrest marks a crucial advancement in a case involving approximately one lakh victims in Himachal Pradesh who were defrauded through various fraudulent websites and crypto coins. Garg and his associates enticed investors with promises of double returns, creating around 2,50,000 fake IDs for the scheme. The highest number of victims were reported from the districts of Mandi, Kangra, Hamirpur, and Una.
An expert in creating digital content, Garg had fled to Dubai after the scam was exposed last October. However, he returned to India in June, possibly entering through Bangladesh or Nepal. He developed several digital coins, including DGT Coin, Fish Token, Hypnext Coin, and Corvio Coin, which were purchased by unsuspecting investors.
So far, the Special Investigation Team (SIT), led by DIG Abhishek Dullar, has arrested at least 70 individuals connected to the scam. However, the primary mastermind, Subhash Sharma, remains at large. Initially believed to be hiding in Dubai, recent intelligence suggests that Sharma has relocated to another country. Sharma had also established five shell companies – Soymans India Pvt Ltd, UBB Associates LLP, UBB Records LLP, Subro Technologies Pvt Ltd, and Him Jan Sewa Foundation – to launder the illicit funds. These companies were registered with the Registrars of Companies (ROC) in Chandigarh, Delhi, and Himachal Pradesh.
Also read: https://himachalscape.com/hp-police-sit-to-pursue-red-corner-notice-to-deport-200-cr-crypto-currency-fraud-mastermind/
The SIT has filed four chargesheets against the suspects in a Special Court designated for cases under the stringent Banning of Unregulated Deposit Schemes (BUDS) Act, 2019. The investigation continues as authorities intensify their efforts to track down Subhash Sharma and other accomplices involved in the elaborate cryptocurrency scam.
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