1000 Himachal Pradesh cops caught in cryptocurrency fraud, some quit

Cryptocurrency Fraud: In Himachal’s Mandi district, over a thousand policemen fell prey to fake local cryptocurrency created by fraudsters. An officer gave this information on Thursday. According to investigators of the Special Investigation Team (SIT) formed to probe the scam, most of the policemen who invested in fake cryptocurrencies lost crores of rupees, but some of them also made huge profits. Earned, he became the promoter of the scheme and joined along with it. other investors.

At least 100,000 people cheated – Police

According to the police, the fraudsters duped at least one lakh people in the cryptocurrency fraud and two and a half lakh IDs were recovered, including multiple IDs of the same person. To lure investors, fraudsters had introduced two cryptocurrencies – ‘Corveo Coin’ (or KRO) and ‘DGT Coin’ and created fake websites with price manipulation of these digital currencies.

Most of the affected investors were from Mandi, Hamirpur and Kangra districts.

They lured early investors by promising high returns in a short period of time. He also built a network of investors, who further expanded the chain into their respective territories. Policemen, teachers and others joined the scheme for early return. Although most of the policemen involved suffered losses, the promotion of the scheme instilled confidence among investors and gave credibility to the investment scheme. The scam started in 2018, most of the victims were from Mandi, Hamirpur and Kangra districts. In some cases, one person connected 1,000 people.

Some policemen took VRS.

Some of the policemen involved in the cryptocurrency scheme opted for the Voluntary Retirement Scheme (VRS) and became its promoters, a police officer said on condition of anonymity. Director General of Police (DGP) Sanjay Kundu said, “We will nab all those involved in wrongdoing. The investigation is proceeding in an orderly and planned manner.” He said that all those involved in the scam will be dealt with strictly according to the law.

cryptocurrency

Cryptocurrency is a means of financial transactions. It is similar to rupee or dollar but the only difference is that it is digital, hence it is also called digital currency. All its business is done through online medium only. Although there is an intermediary between any country’s currency transactions, the Reserve Bank of India in India, there is no intermediary in cryptocurrency trading and is done online through a network.

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