Crypto scam: Retired Himachal cop among three arrested by Mohali police

Gaurav Kanthwal

Zirakpur, October 10

Himachal cryptocurrency scam grew bigger on Tuesday with the Mohali police arresting three suspects, including a former HP constable.

Five mobile phones, two laptops, 10 chequebooks, 13 ATM cards and crucial documents have also been recovered.

After a month of investigation, cops sniff the scam somewhere around Rs 198 crore, mostly from the investment of around 30,000 to 50,000 victims.

The suspects have been identified as Zirakpur resident Sham Sharma, Dhanas residents Sunil Kumar and Ashwani Kumar, both hailing from Puthiana village in Nadaun (HP).

As of now there are eight accused in the case, cops said.

Three have been arrested in the case till now with sources saying the kingpin, Subhash Sharma, a resident of Mandi, has fled to Dubai.

His six commercial and residential properties have been identified in Zirakpur which are in the process of being attached.

A case under Sections 406, 420 and 120-B of the IPC and Chit Fund Act has been registered at the Zirakpur police station on September 1.

Sources said many other identified accused are HP constables who have recently availed Voluntary Retirement Scheme (VRS).

Of the three persons arrested till now, one is a former HP constable with 200 “leaders” further under him, each having 100 investors under him. The investors were given a lure of 200 per cent return.

The racket assured investment with fixed, quick, easy and astronomical returns with multilevel marketing, also known as Pyramid scheme, which ultimately could not be monetized.

The suspects dealt in Korvio cryptocurrency, Hypenext; DGT Coin, A Global Solutions which were floated in 2019 and were in circulation till Aug 2023.

“Currently, financial investigation is underway to make trail of wrongful gains,” said Dera Bassi ASP Darpan Ahluwalia.