Himachal cryptocurrency scam: Meerut engineer made website, was trained in Dubai
Police said that the engineer, who is now believed to be one of the masterminds of the scam, also made several trips to Dubai and was trained there
The special investigation team (SIT) of Himachal Pradesh Police probing the multi-crore cryptocurrency scam has found that a Meerut-based engineer designed a software and created the website to lure individuals into investing in the scheme.
Police said that the engineer, who is now believed to be one of the masterminds of the scam, also made several trips to Dubai and was trained there.
According to police, people from different walks of life invested more than ₹2,500 crore in the elaborate ponzi scheme.
“The accused, whose actions display a high level of professionalism, will not escape justice. He hails from Meerut and has made multiple trips to Dubai, where he received extensive training in the field. It was during these visits that he honed his skills, ultimately developing the software that was at the heart of the fraud,” said Himachal director general of police Sanjay Kundu.
The fraudulent website listed various investment opportunities, promising a chance to double the funds. People were drawn to the platform, unaware of the deceit that awaited them.
The SIT has already made 18 arrests in the case. On November 4, police arrested eight individuals, including four cops and a forest guard, in connection with the case.
The Himachal police is co-ordinating with central and financial agencies and other state police, the DGP said.
Action is being taken against them under the Banning of Unregulated Deposits Schemes (BUDS) Act, 2019, the police said.
However, the kingpin of the scam Subhash Sharma from Sarkaghat in Mandi is still at large. Over 300 complaints have been received in connection with the multi-crore cryptocurrency ponzi scam that began in the state in 2018.
Fraudsters approached people with an investment plan related to a locally made (in Mandi district) cryptocurrency known as “Korvio Coin” or KRO coins. Three to four kinds of cryptocurrency were used and false websites in which the cryptocurrency prices were manipulated and inflated were created. Cryptocurrency is a digital currency designed to work as a medium of exchange through a computer network that is not dependent on any central authority, such as the government or bank to uphold or maintain it.
