Advertisment

Unmasking the Himachal Pradesh Cryptocurrency Scam: A Tale of Deceit and Regulatory Gaps

author-image
Dil Bar Irshad
New Update
Unmasking the Himachal Pradesh Cryptocurrency Scam: A Tale of Deceit and Regulatory Gaps

In the quaint town of Una, nestled in the foothills of the Himalayas, a sinister scheme unfolded, shaking the quiet tranquillity of Himachal Pradesh, India. A homegrown cryptocurrency scam has been exposed, a fraud that has ensnared thousands, from government employees to police personnel, and echoed through the mountainous terrains.

Advertisment

The Plot and the Perpetrators

The Special Investigation Team (SIT) has arrested one of the four main accused, Abhishek Sharma. He, along with his cohorts, had woven a web of deceit, selling dreams of unimaginable wealth through a locally made cryptocurrency, Korvio Coin, or KRO Coin. Their promises of handsome returns in a short span lured unsuspecting investors into a carefully orchestrated trap. The fraudsters manipulated prices of three to four different cryptocurrencies on fake websites, creating an illusion of a booming market.

The vast scale of the scam became evident as the SIT's investigations revealed at least 100,000 people had been duped, with 250,000 IDs discovered, some belonging to the same individual. The alleged kingpin, Subash, remains elusive, reportedly hiding in the glitzy cityscape of Dubai.

Advertisment

(Read Also: India’s Banking Sector to Close 15 Days in November: The Implications and the Silver Lining)

The Investigation's Progress

The SIT, in a meticulously organized operation, conducted raids at 41 different locations across various districts, including Kangra, Una, Bilaspur, Mandi, Hamirpur, and Solan. Their efforts bore fruit with the arrest of Sharma, who had been evading capture. With every search, incriminating documents, property records, mobile phones, and digital devices surfaced, shedding light on the depth and complexity of the fraud.

Advertisment

So far, ten people have been arrested, with the scam estimated to be worth around 2000 crore INR ($240 million). It has impacted a broad spectrum of society, with over a thousand police personnel among those defrauded.

(Read Also: Indian Air Force’s Relief Operations in Sikkim Highlight Commitment and Capability)

The Regulatory Void

Advertisment

Amid the cacophony of numbers and arrests, a glaring issue emerges - the lack of regulations in the cryptocurrency industry in India. This void has allowed scams like these to proliferate, with fraudsters exploiting the absence of oversight.

The Himachal Pradesh scam is a stark reminder of the urgent need for robust regulations and public awareness campaigns to protect innocent investors from such fraudulent schemes. The government and law enforcement agencies must take proactive measures to ensure the integrity of the cryptocurrency market.

While the arrest of Sharma is a significant milestone, it is but a small victory in the larger battle against such scams. The evidence unearthed will play a crucial role in bringing the perpetrators to justice, but it's crucial for the government to address the regulatory gaps in the cryptocurrency industry to prevent future frauds.

Read More

Advertisment
Advertisment