Himachal: To evade arrest, crypto agents refund money to investors

Sameer Singh

Shimla, November 9

Agents, who had lured gullible people into making investments in the bogus cryptocurrency scheme, have started refunding money to investors. The development comes as the Special Investigation Team (SIT) probing into the cryptocurrency scam arrested a number of accused, including kingpins.

Repayments done in Kangra, Mandi

The cryptocurrency agents have refunded money to investors mostly in Kangra, Hamirpur and Mandi districts

Fearing arrest by the police, the agents and some investors, who also later became agents, are returning money to investors from the profit earned from the scam.

Abhishek Dullar, DIG, Northern Range, and head of the SIT, told The Tribune, “Agents, who had profited from the scam, are now returning money to small investors to evade police arrest.”

He said, “One of the agents have returned Rs 2 crore to small investors while two other agents returned Rs 50 lakh and Rs 20 lakh. Besides, some other agents have refunded smaller amounts.” These reverse transactions or settlements are being conducted clandestinely.

Asked about the total money the agents have refunded to investors, Dullar said, “It is difficult to tell about the money refunded by agents to investors, as these transactions are done secretly. No documents are prepared of these settlements.” The cryptocurrency agents have refunded money to investors mostly in Kangra, Hamirpur and Mandi districts, said sources.

The agents are reportedly making repayments to prevent investors from filing police complaints against them. This is clearly reflected in the fewer number of complaints the SIT has received so far in the Rs 2,500-crore scam that had started in 2018. The SIT has received only 350 complaints (0.35 per cent of more than one lakh investors of the cryptocurrency scheme) on the specially-designated helpline till now.