Crypto fraudsters spent Rs 3.5 cr on foreign trips of agents: Himachal Pradesh DGP

Tribune News Service

Shimla, November 7

To lure investors, the kingpins of the cryptocurrency scam arranged more than 2,000 foreign tours, including to Dubai, Thailand and Baku, of agents at a cost of around Rs 3.5 crore.

The accused rewarded the best performing agents with tours to exotic foreign locations for luring the maximum number of investors to put money in the scheme. Besides, they also lured people who had got big compensation in lieu of their land acquired for the construction or widening of roads.

DGP Sanjay Kundu, while talking to mediapersons here, said, “The kingpins and their agents also lured government employees and those who had received huge compensation for their land acquired for highway projects. Initially, they were investors but later became agents on the persuasion of the scammers to lure other investors and widen the reach of the scheme.”

The DGP said, “The eight persons arrested with regard to the scam, including four police personnel, made a profit of Rs 2 crore or more. There are around 60 to 80 such investors or agents who had made a profit of Rs 2 crore or more. The SIT is on their trail and they will be arrested soon. The scam is like a complex web and the SIT has done a splendid job to unearth it. We are following a top-down approach to apprehend the accused. The SIT has seized property worth Rs 12 crore, including worth Rs 3 crore of one of the kingpins in Mandi district and Zirakpur (Punjab), Subhash, who has absconded abroad.”

Kundu said, “A helpline has been set up for the registration of complaints related to the scam and so far 350 complaints have been received. These will be examined minutely and action taken accordingly. To distinguish between witnesses and the accused in the case is a big challenge.”

Kundu said, “We have submitted a status report to the Himachal High Court, which has expressed satisfaction over investigation conducted so far. Some investors had applied for anticipatory bail but were denied by the court. These persons should be given a 7-day notice before arresting them if there was evidence against them. We have decoded the websites used and transactions made by the scammers and whosoever have profited from the scam will be arrested.”

‘Can’t say money used for funding terror’

There are international and national linkages of the cryptocurrency scam. It is surprising that Rs 2,500 crore transactions were done in the past over four years without the knowledge of the banking and tax authorities. We have written to the Central intelligence and taxation agencies to assist us on this front. So far, there is no clarity on where did such a large amount go. We do not know if the money was used for terror funding. — Sanjay Kundu, DGP

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