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).
Stay in the know on crypto by frequently visiting Crypto News Today
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.
Advertisement
Follow GappyCoin PreSale on Twitter, and ReCap for information and more.
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).
W
e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.
Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.
We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.
When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.
CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.
We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.
Thank you.
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
SOL – DLvdMu85dW6pZMhw2E4S3pp81qQQGpy5UcdTsFEFBu4b
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
CRYPTOCASTER HEATMAP
