Cryptocurrency Scandal Rocks Himachal Pradesh: Massive 2,500 crore fraud hits over 2 Million victims

In a groundbreaking revelation, a cryptocurrency fraud exceeding 2,500 crores has been unearthed in Himachal Pradesh, marking the state’s first encounter with such a scam. The elaborate scheme, orchestrated by four individuals from Himachal Pradesh, involved the creation of a cryptocurrency named ‘Korvayo Coin’ or KRO Coin. These fraudsters, trained abroad, lured thousands into investing by promising a doubling of their money in 11 months.

Deploying a network of 40 agents across Himachal Pradesh, Punjab, Chandigarh, Haryana, and Delhi, the scam has defrauded over two million people. Law enforcement has taken swift action, arresting 19 individuals, including three main suspects. The illicit gains, amounting to 80 crores in properties, have been seized, along with assets worth 19 crores. The fraudsters went further, investing in gold, silver, and expensive cars, intertwining their illegal activities across multiple states.

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The saga began in 2018, and the scam came to light in September 2023 with the filing of the first FIR in Palampur, Kangra district. Over 300 complaints triggered the formation of a Special Investigation Team (SIT). The masterminds, identified as residents of Mandi and Una, underwent training in Dubai to develop the intricate deception.

Dubbed the “Dubai Millionaire Swindle,” the accused—Sukhdev, Hemraj, Abhishek, and Subhash—crafted software in Mandi and fabricated websites displaying inflated cryptocurrency values. The extent of the fraud is far-reaching, victimizing a diverse group, including IAS officers, IPS officers, healthcare professionals, contractors, ex-servicemen, employees, and even illiterate farmers.

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Collaborating with the Gujarat Police, the SIT successfully apprehended Hemraj and Sukhdev, while Abhishek was captured in Delhi. However, Subhash from Mandi remains elusive, prompting an active search by the SIT.

The fraudsters not only manipulated individuals with promises of financial gain but also organized 2,000 tours for investors, leveraging the allure of doubling money in 11 months. Operating through a fraudulent website and a multi-level marketing scheme, they enticed victims with tours to Dubai, Hong Kong, and Bangkok. Approximately 70 to 80 individuals, fueled by investments from new recruits, reaped profits exceeding 2 crores from this elaborate scheme.