Two Himachal Pradesh crypto scam kingpins held in Gujarat

Sameer Singh

Shimla, October 3

A special investigation team (SIT) probing multi-crore cryptocurrency frauds in Himachal wherein investors were duped in Ponzi scheme-style cases claims to have arrested two masterminds from Gujarat.

Abhishek Dullar, DIG (Northern range) and head of the 13-member SIT, confirmed the arrests. “This is a multi-level marketing scam where investors were cheated by making them believe they are investing in cryptocurrency, which wasn’t the case. Such crimes have been there for the past four to five years.”

The matter was brought up in the Assembly by Independent MLA Hoshyar Singh during the recent monsoon session. He had alleged cryptocurrency frauds amounting to Rs 200 crore each in Kangra and Hamirpur districts alone. Deputy CM Mukesh Agnihotri had then announced the formation of the SIT. To lure investors with the promise of high returns, the accused are learnt to have promoted a fake cryptocurrency called “Korvio Coin”. “They manipulated online the cryptocurrency’s prices to their advantage, resulting in losses to investors. They kept on switching to new cryptocurrencies such as “DGT Coin” and “BTPP Token”, changing the terms and values of the schemes to the disadvantage of the investors. Sources said the accused resorted to threats when investors sought refunds. They are also alleged to have deleted online records. The SIT has so far taken up 10 cases. DGP Sanjay Kundu said, “We are zeroing in on the accused. The people must also be wary of such frauds.”