Over one thousand police personnel were duped by a cunning cryptocurrency fraud in the Mandi region of Himachal Pradesh. Both Korvio Coin and DGT Coin were the official names of this hoax. It deceived several law enforcement officials into parting with millions of rupees. The truly bizarre thing is that some of the policemen who lost money even went so far as to promote the hoax. Unaware that it was all a great con, they managed to get additional people to invest. Due to the recent surge in popularity, we must exercise caution when using cryptocurrencies as there are dishonest individuals out there who would like to defraud us.
The Inception of Scam
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In 2018, a group of fraudsters devised a cunning scheme to defraud individuals of their money. The majority of those they attacked were from the districts of Mandi, Hamirpur, and Kangra. Sometimes, one individual was able to persuade up to 1,000 others to participate. To maintain control over their plan, these men employed a number of deceptive tactics, including lying, distributing misleading information, and even threatening people. They intended to continue defrauding unsuspecting individuals of their money by tampering with the pricing of their coin. The victims lost a great deal of money as a result.
They approached them and spoke to them about a unique investment scheme that was associated with the cryptocurrency Korvio Coin. However, in order to begin using their accounts, users had to pay an activation cost. Three or four distinct cryptocurrency types were employed by the crooks to make it appear authentic. To showcase their coins, they even created fictitious websites and purposefully manipulated the values. They later created a brand-new coin known as DGT Coin. A significant price reduction was abruptly implemented when a sufficient number of individuals were duped into purchasing it at a premium. The investors lost a great deal of money as a result. It also turned out that these individuals weren’t limited to using cryptocurrencies. In addition, they had additional schemes to defraud individuals, such as offering a 10% monthly return on a ₹90,000 investment.
The Execution
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They created Korvio Coin and DGT Coin, two fictitious digital currencies. Even fictitious websites depicting the steadily rising value of these coins were created by them. They deceived individuals by saying they would make a lot of money soon if they invested. They persuaded educators and police officers to participate and persuade others to invest as well. Other people were led to believe the hoax by the policemen’s involvement, even though the majority of them lost money. A few of the police officers even made the decision to get involved with the scammers as the crypto promoters as early retirees. An unidentified law enforcement official provided this information.
The Investigation
To investigate it, a Special Investigation Team has been established. An estimated 100,000 people fell victim to this fraud, and investigators discovered around 250,000 distinct IDs—some of which even belonged to the same person. The special team discovered that a substantial sum of money, perhaps 500 crore rupees, is likely lost permanently. That’s quite disheartening since they are people’s hard-earned funds. About this fraud, 300 people have complained thus far. Additionally, they found that 200 people earned more than 1 crore rupees apiece, and 100 people gained more than 2 crore rupees each using this plan. The special team discovered that this entire scheme is mostly the work of four individuals.
Subhash Sharma, Hem Raj, Sukhdev, and Abhishek are their names. They are from various Indian districts. Subhash Sharma, one of the key players, profited an incredible 200 crore rupees from this swindle. Before anybody discovered the swindle, he even fled to Dubai with his spouse. Since his visa expired, the police are looking for him. They even sent an assistance request to Interpol. They promised to apprehend everyone who was engaged in this scheme. They have a strategy to catch them all, and the investigation is moving along nicely. Sanjay Kundu, the Director General of Police, declared that all transgressors will be dealt with in accordance with the law.
The Arrests
Mukesh Agnihotri, the Deputy Chief Minister of Himachal Pradesh, has revealed the details of a massive internet fraud. Ten suspects in this cunning instance of cryptocurrency fraud have been apprehended by the government. It’s possible that further arrests may occur soon. A staggering one lakh persons and 2.5 lakh identities appear to be entangled in this issue, which appears to be worth a whooping 5000 crore rupees. But don’t worry, some of the offenders have been apprehended by the Himachal Pradesh Police who have deciphered the code. They apprehended Arun Guleria and Abhishekh from Una, along with Hemraj and Sukhdev from Mandi. Of the accused, two are from Baddi in Solan, one each from Shimla, Una, and Kangra, and three are from Hamirpur. Following the Banning of Unregulated Deposits Schemes (BUDS) Act of 2019, the police are pursuing legal action against them.
It is imperative that this tragedy serves as a lesson as the inquiry moves forward. We can all work together to create a safer environment and make sure that these kinds of cryptocurrency frauds disappear in the future by putting preventive measures into place and remaining watchful.
