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Rs 400 Cr Crypto scam may have hit 1 Lakh people across the country: DGP
Shimla, Oct 21
Rs 400 crore liabilities of one lakh people are involved in the Cryptocurrencies scam revealed, Himachal Pradesh’s Director General of Police (DGP), Sanjay Kundu, today. He said that the cryptocurrency scam involving thousands of crores has ensnared around one lakh individuals, amassing liabilities totalling around Rs 400 crore.
DGP Kundu divulged that this scam has drawn in approximately one lakh people from both the state and across the country. Thus far, investigations have uncovered transactions amounting to Rs 2300 crore, with an associated liability of Rs 400 crore. Those involved have committed a criminal act by investing in cryptocurrencies, which were banned under the ‘Unregulated Deposit Scheme Act 2019’ by the Government of India. This type of investment is explicitly illegal under Section 3, 4, and 5 of the Act.
Kundu emphasized that both investing in the unorganized cryptocurrency sector and enticing others to do so are criminal activities. The Act provides for a maximum punishment of up to 10 years and a fine of Rs 10 lakh. Additional provisions for penalties can be found in Sections 21, 22, and 23 of ‘The Banning of Unregulated Deposit Scheme Act 2019.’
The DGP issued a stern warning to those who still hope to recover their investments and individuals who are enticing others with promises of doubling their money. The police will take strict actions against such individuals.
Notably, two masterminds of this scam have been apprehended by the police, and no one involved will be spared. The DGP appealed to the people of Himachal Pradesh to refrain from investing in cryptocurrencies, highlighting that the primary orchestrator, Subhash Sharma of Mandi, has fled the country.
Kundu revealed that the police have already frozen properties worth one crore, with preparations to freeze properties worth Rs 5 crore underway. They claim to have a comprehensive inventory of the properties owned by the masterminds behind the cryptocurrency scheme.
The ‘Unregulated Deposit Scheme Act 2019’ empowers the Secretary of Finance to freeze assets, and cases of provisional property attachment are being forwarded to the Secretary of Finance. The designated court session judge is situated in Shimla.
This fraudulent scheme enticed individuals with the promise of doubling their investments, ultimately defrauding a large number of people. The DGP urged victims of this scam to report their losses to the police.
The unraveling of the cryptocurrency fraud in Himachal Pradesh commenced with the establishment of an SIT, led by DIG Northern Range Abhishek Dullar. During a session of the Assembly, Dehra MLA Hoshiar Singh had initially raised concerns about the cryptocurrency scam, and Deputy CM Mukesh Agnihotri assured the formation of an SIT in the absence of the CM. The SIT, constituted by the DGP, apprehended two masterminds from Gujarat within a week.
The SIT extended its investigation beyond Himachal, gathering evidence from raids in Gujarat, Punjab, Chandigarh, Haryana, Delhi, and Uttar Pradesh. During these operations, the police uncovered properties purchased with funds from the cryptocurrency scam.
This far-reaching fraud was orchestrated through cryptocurrencies and various websites, ensnaring not only common people but also some members of the police force. Reports suggest that several individuals associated with the Himachal Police chose early retirement (VRS) to participate in these illicit activities. Even a head constable from Hamirpur was arrested by Mohali police a week and a half ago, while a woman from Hamirpur is under investigation for a fraud amounting to Rs 11 lakh in the Mandi Cyber Cell.
About the Author
The HimachalScape Bureau comprises seasoned journalists from Himachal Pradesh with over 25 years of experience in leading media conglomerates such as The Times of India and United News of India. Known for their in-depth regional insights, the team brings credible, research-driven, and balanced reportage on Himachal’s socio-political and developmental landscape.
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