DGP: Cryptocurrency scammers owe Rs 400 crore to investors

Dharamsala, October 13

The cryptocurrency racket was operated across the country through a multi-level chain marketing scheme. The two kingpins of the scam, who had floated the scheme and duped around 2.5 lakh people in the country, were based in Mandi district. Hemraj, a resident of Sarkaghat, and Sukhdev, a resident of Dharampur in Mandi, had been arrested, said DGP Sanjay Kundu while addressing mediapersons here today.

The Special Investigation Team (SIT) of the Himachal Police was still to identify 2.5 lakh people, who were allegedly duped by the scammers. Meanwhile, the accused had admitted to Rs 400 crore liabilities in form of the money invested in the fake scheme that they had to return to people.

The DGP was accompanied by Abhishek Dular, DIG, North range, who is heading the SIT, and Shalini Agnihotri, SP, Kangra.

Kundu said that the police were trying to ascertain the assets amassed by the two accused and their accomplices in Himachal and across the country. “The police will try to get their assets sealed so that the money invested by people in the cryptocurrency scheme can be recovered,” he added.

He said that the police were looking for the accomplices of the two arrested kingpins of the scam. He equated the cryptocurrency scam with the Golden Forest scandal that had hit headlines about two decades ago.

Dular said, “The accused assured people of returns as high as 10 per cent per month on their investments. They gave high returns to the initial investors of the scheme. The initial investors then acted as marketing agents and were promised hefty commissions to lure people into investing in the scheme.”