- A massive cryptocurrency scam that has managed to con over 250,000 victims out of an estimated Rs 2,000 crore.
- KRO and DGT Coin cryptocurrency Ponzi schemes attracted investors; these were completely fake.
- Police officers were among those duped by this cryptocurrency scam.
Sucked into a massive cryptocurrency scam that has managed to con over 250,000 victims out of an estimated Rs 2,000 crore (equivalent to $240 million), more than 1,000 Indian police officials have fallen victim to it.
Based on police investigation, the cryptocurrency scam is estimated to have been much larger than previously reported, with a total estimated value of about $240 million.
Cryptocurrency scam
The Korvio Coin (KRO) and DGT Coin cryptocurrency Ponzi scheme attracted investors by promising them substantial returns on their investments. The cryptocurrencies were completely fake.
As previously reported, the mastermind of the massive cryptocurrency scam is still out there somewhere. Before police could apprehend him, the offender is thought to have left the country.
Surprisingly, police officers were among those duped by this cryptocurrency scam. According to local reports, the con artists caused significant financial losses for numerous officers in the Mandi district of Himachal Pradesh.
The fact that some of these officers became promoters of the fraudulent scheme rather than pursuing restitution is even more concerning. As a result, the scope and impact of this con were greatly expanded. They made use of their positions within the neighborhood to draw in more unsuspecting victims.
Two detained suspects, Sukhdev and Hemraj, have allegedly admitted to being accountable for a whopping $48 million (Rs 400 crore) connected to the cryptocurrency scam following investigations.
Himachal Pradesh’s director general of police, Sanjay Kundu, said at a press conference, “We will get all the wrongdoers,” in response to reports that police were involved in the scheme. The investigation is moving forward in a planned and coordinated manner.
A special investigation team (SIT) searched 35 locations in seven districts and one police district in Himachal Pradesh earlier this month.
Important evidence was found during these searches, including documents, cellphones, property records, and electronic equipment, which finally resulted in the arrest of seven people.
Nine people have been taken into custody in relation to this extensive cryptocurrency scam. There are currently a lot more scams involving cryptocurrencies in India because there are no laws or regulations governing the industry.
