Cryptocurrency Fraud: More than a thousand policemen fell prey to the fake local cryptocurrency created by fraudsters in Himachal’s Mandi district. An officer gave this information on Thursday. According to investigators of the Special Investigation Team (SIT) formed to probe the scam, most of the police personnel who invested in fake cryptocurrencies lost crores of rupees, but some of them also made huge profits, becoming promoters of the scheme and Along with other investors.
At least one lakh people cheated – police
According to the police, fraudsters have defrauded at least one lakh people in cryptocurrency fraud and 2.5 lakh IDs have been found, which include multiple IDs of the same person. To attract investors, the scammers had introduced two cryptocurrencies – ‘Corvio Coin’ (or KRO) and ‘DGT Coin’ and created fake websites with manipulated prices of these digital currencies.
Most of the victimized investors were from Mandi, Hamirpur and Kangra districts
These people lured early investors by promising high returns in a short period of time. He also created a network of investors, who further expanded the chain in their respective areas. In order to make quick returns, policemen, teachers and other people joined the scheme. Although most of the police personnel involved suffered losses, their promotion of the scheme generated confidence among investors and gave credibility to the investment scheme. This scam started in 2018, with most of the victims being from Mandi, Hamirpur and Kangra districts. In some cases a single person had connected 1,000 people.
Some policemen took VRS
A police officer, on condition of anonymity, said that some policemen involved in the cryptocurrency scheme opted for the Voluntary Retirement Scheme (VRS) and became its promoters. Director General of Police (DGP) Sanjay Kundu said, "We will catch all those doing wrong. The investigation is progressing in a systematic and planned manner." He said that all the people involved in the scam will be dealt with strictly as per the law.
Cryptocurrency is a medium 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. Its entire business is done through online medium only. While there is an intermediary between the currency transactions of any country, the Reserve Bank of India in India, but there is no intermediary in the cryptocurrency business and it is conducted online by a network.
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