Two arrested in ₹18 Crore Crypto currency fraud, from Gujarat
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Two arrested in ₹18 Crore Crypto currency fraud, from Gujarat
Shimla. October 3,
In a breakthrough, the Special Investigation Team (SIT) of the Himachal Pradesh Police has apprehended two individuals believed to be the masterminds behind an ₹18 crore cryptocurrency fraud case in the state. The alleged accused, identified as Hemraj Rajput and Sukhdev Thakur, were captured in Gujarat yesterday.
Both residents of Mandi district in Himachal Pradesh, had been evading the authorities by hiding in Gujarat following their alleged involvement in the cryptocurrency scam, confirmed Police sources to news agency.
The SIT, in collaboration with the Gujarat Police, apprehended the suspects in Gir Somnath district. This marks the first FIR filed by the SIT in connection with a cryptocurrency-related crime. They are allegedly accused of swindling ₹18 crore from unsuspecting victims in Palampur.
The Himachal Pradesh government has constituted a 13-member SIT, with DIG Northern Range Abhishek Dullar at the helm. The team includes SP Cyber Crime Chairman Rohit Malpani, ASP Praveen Dhiman Cyber Crime, ASP Manmohan Singh Cyber Crime Mandi, DSP Kangra Ankit Sharma, DSP Nurpur Vishal Verma, DSP Palampur Lokendra Negi, and DSP Jawali Veeri Singh.
The issue of cryptocurrency fraud came to light during the monsoon session of the Assembly when Dehra MLA Hoshiar Singh raised concerns. In response to demands from legislators, Deputy Chief Minister Mukesh Agnihotri promptly constituted the SIT and pledged stringent action against those involved.
The case
During the course of investigation registered in Police Station Palampur, District Kangra, the details of complex financial fraud schemes involving crypto currency investments have been found, stated a HP police media communique. The prime accused individuals are, Subhash Sharma, Sukhdev Thakur, Hemraj Thakur and others, who are residents of Himachal Pradesh,” it stated. Adding, that the crime includes the promotion of a fake crypto currency called “Korvio Coin,” with promise of high returns and exaggerated claims to lure investors. The suspects are accused of manipulating the crypto currency’s prices to their advantage, leading to losses for the investors.
They also switched to new crypto currencies, “DGT Coin” and “BTPP Token,” changing terms and values to the detriment of investors. Furthermore, the complainants claim that the accused resorted to threats and intimidation when investors sought refunds or expressed dissatisfaction. They are also alleged to have deleted online records and websites related to the crypto currencies to potentially erase evidence,” informed the police.
The legal allegations against the accused include the following. These cover cheating, fraud, criminal conspiracy and money laundering, sections 420 & 120B IPC, section 5 of Himachal Pradesh Protection of Interests of Depositors Act 1999 and section 21 & 23 of Banning of Unregulated Deposit Schemes Act 2019. The offences are punishable for sentences upto 10 years of imprisonment.
With more people/investors coming forward, the losses suffered are likely to increase, they stated. The fraud scheme started in year 2018-19 and continued for around 3 years. 10 such cases have been taken up by SIT. Over 50 complaints are under enquiry. The amount involved is huge, calimed the State police.
A number of complaints are now pouring in, some of which are being enquired into and in some, FIRs have been registered and regular investigation is taking place.
As per the Director General of Police Himachal Pradesh Sanjay Kundu ,” My advice to simple people of the State is not to fall prey to the crypto-currency fraudsters. They cheat people with huge returns. The victims are encouraged to come forward to report their cases to the SIT constituted for the purpose,” he added.
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