Crypto frauds: SIT carries out searches in 8 districts, Chandigarh, Punjab

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Shimla, October 7

A special investigation team (SIT) constituted to probe into cryptocurrency fraud cases today carried out searches at 35 locations in eight districts of the state, Chandigarh and Punjab.

Officials privy to the developments revealed that searches yielded crucial evidence such as incriminating documents, property records, mobile phones and other digital devices, vehicles and details related to the proceeds of the crime. The SIT had apprehended two alleged masterminds of the cryptocurrency frauds from Gujarat recently. The searches were going on till the filing of this report.

Crucial evidence found

• Searches were conducted at the houses of accused or suspects in Kangra, Mandi, Una, Chamba, Hamirpur, Bilaspur, Shimla and Baddi, besides in Punjab and Chandigarh
• Crucial evidence such as incriminating documents, property records, mobile phones and other digital devices, vehicles and details related to the proceeds of the crime were reportedly found

According to SIT members, searches were conducted at the houses of accused persons or suspects in Kangra, Mandi, Una, Chamba, Hamirpur, Bilaspur, Shimla and Baddi, besides in Punjab and Chandigarh.

A senior SIT official said, “We are resolute in our pursuit of those who have orchestrated this cryptocurrency frauds, manipulated the market and exploited innocent investors. The evidence collected during these searches will play a vital role in our ongoing investigation. The evidence brings us one step closer to holding the culprits accountable for their actions. We are committed to a thorough and fair investigation, leaving no efforts in our quest for justice.”

Meanwhile, Subhash, one of the accused of the scam, fled to a foreign country in May this year and the police were making all-out efforts to trace his location and make arrangements to bring him back.

It is alleged that some police personnel may be involved in the scam and those who had taken voluntary retirement recently are under police surveillance.

Asked about the involvement of police personnel, Abhishek Dullar, DIG (Northern range) and head of the 13-member SIT, said, “More than 50,000 people, including investors, are involved in the crypto currency scams, so it’d be difficult to say who all are accused. But, yes, if any police official is found to be involved in the scam, his role will be investigated thoroughly and action will be taken against him as per the law.”

Dullar said, “In today’s searches we seized some vital documents pertaining to the scam and also sealed properties of suspects. We got some vital leads and expect to make more arrests in the case soon. The number of people falling prey to such Ponzi or multi-level marketing schemes is declining.”

DGP Sanjay Kundu said, “We appeal to people to exercise caution and refrain from investing in schemes that promise unusually high returns within a short period. Financial security and investments should always be approached with care and due diligence. If something appears too good to be true, it likely is. Protect your hard-earned money by investing through legitimate and regulated avenues.”