Kingpins of crypto fraud won’t be spared, says Dy CM Agnihotri

Tribune News Service

Shimla, November 4

Deputy Chief Minister Mukesh Agnihotri has appealed to people not to invest in unregulated cryptocurrency schemes as the lack of regulation exposes investors to a higher risk of fraud, market manipulation and security breaches. He said that the kingpins of the cryptocurrency scam would be dealt with strictly.

He presided over a meeting here today to review action being taken against the kingpins of the cryptocurrency scam, who had cheated ‘gullible’ people of the state by luring them with high profits in a short span of time.

Agnihotri said, “I am pained to learn that even people who have received land compensation for the four-lane national highway projects have invested huge amounts of money in the lure of making quick profits. People should not fall prey to such ponzi schemes and cryptocurrency frauds. I have been told that people have lost Rs 500 crore of their hard-earned money in the cryptocurrency fraud.”

He said that the Reserve Bank of India (RBI) and the Security Exchange Board of India (SEBI) had also confirmed that cryptocurrency and Bitcoins were not allowed. “Complaints have been pouring in from various districts of the state that the kingpins of the cryptocurrency fraud have cheated a large number of people,” he added.

The Deputy Chief Minister said, “Till date, the police have received over 300 complaints of cryptocurrency fraud.” He added that the police would take appropriate action against the accused. He appreciated the state police for cracking the cryptocurrency network and arresting several accused, including Hemraj and Sukhdev, both from Mandi, and Arun Guleria and Abhishekh from Una. Another scammer, Subhash Sharma from Sarkaghat in Mandi district, was still at large and would be soon in police custody, he said.

DGP Sanjay Kundu said that the police had reconstructed the website used in the cryptocurrency scam having around 2.5 lakh different IDs. He added, “There were 70 to 80 imposters who had earned over Rs 2 crore from nearly one lakh innocent investors. The police have seized property worth Rs 8.5 crore at various places in Himachal and Zirakpur in Punjab. We are closely working with the Punjab Police and the Union Ministry of Home Affairs and have been assured of every possible assistance.”

Kundu said, “Action is being taken against the criminals under the Banning of Unregulated Deposits Schemes (BUDS) Act, 2019, under which the punishment for such offences is more severe.”

A detailed presentation of action taken and findings was also made. Abhishek Jain, Home Secretary, and ADGP Abhishek Trivedi were present on the occasion.

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