Rs 2,500 Crore Crypto Scam: How Investors Were Targeted in Himachal


Shimla: The Special Investigation Team (SIT) probing a Rs 2,500-crore cryptocurrency scam in Himachal Pradesh has revealed that the fraudsters targeted people who received compensation for the land acquired for road projects and rewarded their top-performing agents with foreign trips. According to Deputy Inspector General of Police (DIG), Northern Range, Abhishek Dhullar, who is heading the SIT, around 2,000 such trips were made and Rs 3.5 crore was spent on these trips abroad.

The SIT has found that the scamsters took advantage of the 4,000-5,000 government employees who are among the one lakh investors who have lost money in the scheme. So far 18 persons, including four main conspirators, four police personnel and a forest guard, have been arrested in connection with the case. However, the kingpin Subash is still at large.

The best performing agents were lured with the promise of huge returns from investing in a locally-made cryptocurrency called “Korvio Coin” or KRO coins. The fraudsters created false websites in which they manipulated and inflated the cryptocurrency prices. They also used a combination of misinformation, deception and threats to maintain control over the scheme, leading to huge losses for the victims.

What’s more, over a thousand police personnel were also involved in the scam. While many of them lost crores of rupees, some of them made huge gains by creating chains by roping in more investors and opting for voluntary retirement scheme (VRS), and becoming its promoters.

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