The crypto scams have been on the rise, and several incidents have been witnessed in recent days. Meanwhile, a recent significant cryptocurrency scam has rocked the Indian state of Himachal Pradesh, leaving thousands of victims in its wake. According to a report, fraudsters created a fake local cryptocurrency, duping not only regular citizens but also over a thousand police personnel. The scale of the fraud and its impact on the state are still unraveling.
Himachal Crypto Scam
In a shocking revelation, over a thousand police personnel in Himachal Pradesh have fallen prey to a massive cryptocurrency scam. Notably, the fraudsters behind this elaborate scheme created a fake local cryptocurrency known as ‘Korvio Coin’ (KRO) and ‘DGT Coin,’ luring unsuspecting investors with promises of high returns in a short period.
Meanwhile, the modus operandi of these fraudsters involved launching fake websites with manipulated cryptocurrency prices to attract initial investors. Once they had people on board, they relied on a network of investors to expand their scheme. Even though many of the police personnel who invested ended up suffering significant losses, their promotion of the scheme added a veneer of credibility to it.
According to reports, the crypto scam affected over a lakh individuals, with 2.5 lakh separate IDs involved. Notably, victims were taken in by the promise of quick returns and were subsequently deceived, with some individuals being roped in by initial investors. The accused used a combination of misinformation, deception, and threats to control their scheme and extract money from their unsuspecting victims.
How The Officials Are Reacting?
A Special Investigation Team (SIT) has been formed to probe this cryptocurrency scam, and their work is progressing systematically. The SIT has already arrested two accused individuals, Sukhdev and Hemraj.
However, given the growing number of complainants in this cryptocurrency fraud, the state police chief has established a dedicated helpline to report such cases. According to another report, police have increased their focus on crypto frauds, and now, complaints can be lodged through WhatsApp or email, while the SIT will take further action.
Meanwhile, this significant cryptocurrency scam in Himachal Pradesh has exposed vulnerabilities within the cryptocurrency sector and serves as a stark reminder of the importance of due diligence and caution when investing in digital assets. The full scale of the scam and its impact on the victims are still being assessed, making it one of the most extensive crypto scams in India’s recent history.