2 arrested in multi-crore cryptocurrency scam in Himachal Pradesh

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The Himachal Pradesh Police have arrested two men in connection with an investigation into a multi-crore cryptocurrency scam in the state. The accused Hemraj Thakur and Sukhdev, were recently caught in Gujarat.According to the police, they promoted a counterfeit cryptocurrency called ‘Korvio Coin’. They allegedly lured investors with promises of high returns and manipulated cryptocurrency prices to their advantage, resulting in substantial losses to investors.Hemraj Thakur has been identified as the mastermind. The police have named several other people in the case apart from the two arrested individuals.Another accused, Subhash Sharma, a coder, was a key hand behind this elaborate operation and has still not been caught.The police’s investigation revealed that the accused allegedly hid their assets under various guises, including registering properties under travel agencies in the names of their relatives.Victims of the fraudulent scheme reported losses exceeding Rs 18 crore.A Special Investigation Team (SIT), led by Director General of Police Sanjay Kundu, is currently handling ten such cases, with over 50 complaints under investigation.Speaking about the case, Kundu said, “We are closing on the kingpins of cryptocurrency scams in the state. We are making all efforts to arrest the accused. We have mapped their assets and are conducting financial investigations into their assets. My advice to people is not to fall prey to cryptocurrency fraudsters.”The SIT has also initiated an inquiry into the assets owned by the accused, revealing the extent of their criminal empire. This multi-level marketing scam spans across various districts, including Mandi, Kullu, Bilaspur, Hamirpur, and Una, and is estimated to involve over Rs 400 crore.The alleged scam was brought forward during the monsoon session of the Himachal Pradesh Assembly, leading to the formation of a 13-member SIT.Edited By: Aditi SharmaPublished On: Oct 5, 2023ALSO READ | Exclusive | PM Modi calls for global framework on cryptocurrency. Here’s what he saidMust Watch

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