Close X
Sunday, November 10, 2024
ADVT 
India

Two prime suspects in Rs 18 crore crypto fraud case in Himachal arrested

Darpan News Desk IANS, 03 Oct, 2023 12:12 PM
  • Two prime suspects in Rs 18 crore crypto fraud case in Himachal arrested

Shimla, Oct 3 (IANS) Two prime accused in the crypto currency fraud of approximate Rs 18 crore have been arrested by the Special Investigating Team of Himachal Pradesh Police, officials investigating the scam said on Tuesday.

The SIT headed by Deputy Inspector General (DIG) Abhishek Dullar comprising 13 members was constituted on September 26 to investigate cases related to crypto currency.

The SIT has been directed to look into the bigger conspiracy. During the course of investigation of a case registered in the police station of Palampur in Kangra district, it has been found that Subhash Sharma, Sukhdev Thakur, Hemraj Thakur and others, all residents of the state, are the prime suspects.

The crime includes the promotion of a fake crypto currency called ‘Korvio Coin’ with promise of high returns and exaggerated claims to lure investors, a statement by the police said.

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 like ‘DGT Coin’ and ‘BTPP Token’, changing terms and values to the detriment of investors.

Furthermore, the complainants claim 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.

The legal allegations against the accused include cheating, fraud, criminal conspiracy and money laundering.

The impact of this scheme is substantial with complainants collectively reporting losses exceeding Rs 18 crore, said the statement.

With more people or investors coming forward, the losses suffered are likely to increase. The fraud scheme started in 2018-19 and continued for around three years.

It said 10 cases have been taken up by the SIT. Over 50 complaints are under enquiry. The amount involved is huge.

Director General of Police Sanjay Kundu said, “We are closing in on the kingpins of crypto currency scams in Himachal Pradesh. We are making all efforts to arrest the accused. We have mapped their assets and are conducting a financial investigation into their assets.”

He asked the victims to come forward to report their cases to the SIT constituted for the purpose.

Photo courtesy of Istock

MORE India ARTICLES

Aircraft carrying Sonia, Rahul makes emergency landing in Bhopal

Aircraft carrying Sonia, Rahul makes emergency landing in Bhopal
The aircraft was forced to make the emergency landing due to inclement weather with heavy rains lashing Madhya Pradesh since Tuesday evening.  The Congress leaders were returning to Delhi from Bengaluru after attending the two-day brainstorming session of the opposition parties.

Aircraft carrying Sonia, Rahul makes emergency landing in Bhopal

Punjab hikes pension of freedom fighters

Punjab hikes pension of freedom fighters
Punjab Finance Minister Harpal Singh Cheema on Tuesday said the government has decided to increase the pension of freedom fighters from Rs 9,400 to Rs 11,000 per month. He said that this decision will be effective from August 1.

Punjab hikes pension of freedom fighters

India-US Strategic Clean Energy Partnership discuss future roadmap

India-US Strategic Clean Energy Partnership discuss future roadmap
The ministerial meeting of the SCEP, which was held between petroleum minister Hardeep Puri and US energy secretary Jennifer Granholm, appreciated deepened collaboration to scale and accelerate deployment of hydrogen technologies through the public-private hydrogen task force and other efforts in support of their national hydrogen strategies, including a focus on common cost reduction goals.

India-US Strategic Clean Energy Partnership discuss future roadmap

Mumbai police detect power theft of Rs 1.09 cr by plastic factory, owned booked

Mumbai police detect power theft of Rs 1.09 cr by plastic factory, owned booked
So far, Crohast Plastic Moulding Manufacturing Ltd has reportedly cheated Adani Electricity Ltd.  to the tune of around Rs 1.09 crore. The owner of the plastic factory, Pankaj Vasudevan Nair, has been booked under Section 135 of the Electricity Act, an official said.

Mumbai police detect power theft of Rs 1.09 cr by plastic factory, owned booked

ED files charge sheet against Revenue officials, 12 others in Punjab land grabbing case

ED files charge sheet against Revenue officials, 12 others in Punjab land grabbing case
The ED initiated a PMLA investigation based on an FIR registered by the Vigilance Bureau, Punjab under various sections of IPC and Prevention of Corruption Act. An ED official said that Dhoot was arrested by the ED on April 20 and is currently in judicial custody.  

ED files charge sheet against Revenue officials, 12 others in Punjab land grabbing case

CISF nabs 2 at IGI airport with gold valued at Rs 50L

CISF nabs 2 at IGI airport with gold valued at Rs 50L
Two persons were apprehended by the CISF personnel at the Indira Gandhi International Airport here for allegedly trying to smuggle in gold valued at Rs 50 lakh, an official said on Tuesday.  The accused have been identified as Khalid Maksud and Ranjeet Singh.

CISF nabs 2 at IGI airport with gold valued at Rs 50L