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National & International agencies also supplementing probe in Crypto currency frauds :CBI
Shimla, Oct 20
A Special Investigation Team (SIT) formed by the Himachal Pradesh Government is actively investigating cryptocurrency-related cybercrimes within the state. The initiative comes in response to concerns raised by a state assembly member. Alongside these efforts, the Central Bureau of Investigation (CBI) has launched Operation Chakra-II, aimed at dismantling the infrastructure of organized cyber-enabled financial crimes across India.
Headed by DIG Northern Range Abhishek Dullar, the 12-member state police SIT is working to address the issue of cryptocurrency fraud within the state. Two key suspects, Subhash Sharma and Amit Kumar, have fled abroad, and the SIT has lodged eight FIRs related to cryptocurrency fraud amounting to Rs. 200 Crore.
Dullar has indicated that the SIT is seeking assistance from Interpol and the CBI to apprehend fugitives before the SIT can take further action against them. In a recent breakthrough, two individuals involved in cryptocurrency fraud from Mandi district were apprehended in Gujarat. The SIT is now collaborating with the CBI and Interpol to address this matter.
Operation Chakra-II, conducted in collaboration with national and international agencies and private sector organizations, involved extensive searches at 76 locations in multiple states, including Madhya Pradesh, Uttar Pradesh, Karnataka, Haryana, Kerala, Tamil Nadu, Punjab, Bihar, Delhi, West Bengal, and Himachal Pradesh.
During these searches, the CBI confiscated 32 mobile phones, 48 laptops/hard disks, images of two servers, 33 SIM cards, pen drives, and froze numerous bank accounts. They also seized 15 email accounts, shedding light on the intricate network of deceit orchestrated by the accused.
Operation Chakra-II revealed two instances of an International Tech Support Fraud Scam. In these cases, the accused posed as representatives of global IT corporations and multinational companies with online technology-driven trading platforms. They targeted foreign nationals, operating call centers in multiple States and Union Territories.
Financial Intelligence Unit-India (FIU-India) provided crucial intelligence for Operation Chakra-II, exposing a sophisticated cryptocurrency fraud scheme. Under the guise of a fake cryptocurrency mining operation, the fraudsters targeted unsuspecting Indian citizens, resulting in losses exceeding Rs. 100 crore.
The accused lured investors with promises of substantial returns from investments in Bitcoin and other cryptocurrency mining. They even created a website using the image of a renowned Indian American Crypto Technologist to mislead investors. The operation ran until August 2021, after which payments to investors ceased, leaving them in financial distress.
CBI is closely collaborating with international agencies, including the Federal Bureau of Investigation (FBI) in the USA, Cyber Crime Directorate, and INTERPOL’s IFCACC, as well as the National Crime Agency (NCA) in the United Kingdom, the Singapore Police Force, and Germany’s BKA to follow leads.
This operation builds upon CBI’s previous efforts to combat organized cyber-enabled financial crimes on a global scale, as these crimes continue to evolve and affect victims worldwide. Such scams include impersonation, mail, phishing, romance, and lottery scams, and they often lead to significant financial losses for unsuspecting individuals.
Many people, including police officers and security personnel in Himachal Pradesh, have fallen victim to cryptocurrency scams. The Indian government has imposed substantial GST on international cryptocurrency investments, with a Union Finance Ministry team having submitted a report on cryptocurrencies and their operations. Cryptocurrencies have received recognition in some countries, but in India, where trust in national banking and finance companies is already low, their role remains uncertain.
The allure of quick and lucrative investments has led to a proliferation of cryptocurrencies in the hill states, victimizing many unsuspecting individuals.
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