Over 1,000 Indian police officers were involved in a phony cryptocurrency scheme that defrauded over 250,000 victims out of an estimated Rs 2,000 crore ($240 million).
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According to India Today, the Ponzi scheme attracted investors by promising high returns on investments in two fictional cryptocurrencies, Korvio Coin (KRO) and DGT Coin.
Victims were duped by phony websites displaying inflated prices for non-existent currencies, luring them in with the prospect of enormous bitcoin-like gains. They were also urged to recruit more people, with the money collected from these new recruits being used to pay off previous investors.
Police officials in Himachal Pradesh’s Mandi area reportedly lost millions of rupees to the scammers, but while many were content to recoup their losses, some also became promoters, leveraging their local community status to recruit additional naïve victims.
Senior police sources tell Tribune India that “it is a huge scam involving around Rs 2,000 crore and 2.5 lakh investors.” Two arrested individuals are said to have admitted to owing $48 million (Rs 400 crore) to investors duped by the crypto fraud.
At an earlier press conference, Himachal Pradesh Director General of Police Sanjay Kundu promised those in attendance that everyone having a role to play will be dealt with according to the law. “All wrongdoers will be brought to justice.” “The investigation is proceeding in a systematic and planned manner,” he stated.
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Earlier this month, a special investigative team (SIT) searched 35 places in Himachal Pradesh, including seven districts and one police district. These raids resulted in the detention of seven people and the discovery of evidence such as property records, documents, electronic devices, and mobile phones.
So far, authorities have detained nine people in connection with the scheme, with two of them, known as Sukhdev and Hemraj, admitting to having obligations totaling more than Rs 400 crore ($48 million).
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