The masterminds of a multi-crore cryptocurrency scam in Palampur, India, have been arrested and are set to be produced in a local court by a special investigation team formed by the state government. The accused, Hem Raj and Sukhdev, allegedly cheated people out of over Rs 18 crore by promising to double their money through investments in cryptocurrency. The scam was first reported at the Palampur police station.
With the assistance of the Gujarat Police, the accused were apprehended from a farmhouse in the Gir Somnath district of Gujarat. Hailing from Mandi district, the accused had established a widespread network across the state. Hem Raj and Sukhdev were identified as the key architects of the scam, while the third mastermind, Subhash Chand, is still absconding.
The police have already identified the assets and investments of the accused. Victims are being urged to come forward and report their cases to the special investigation team. It is estimated that the scam has been operating for approximately five years. The fraudsters initially launched a cryptocurrency called “Korvio Coin or KRO” and promised substantial returns by charging an activation fee. Subsequently, they exploited three to four other cryptocurrencies to deceive people.
The arrest of these masterminds is a significant step towards unraveling and bringing justice to the victims of this cryptocurrency fraud. The special investigation team is expected to continue its efforts to track down the remaining absconding mastermind and gather more information on the extent of the scam.
The incident serves as a reminder to always exercise caution and conduct thorough research before investing in any form of cryptocurrency. It is crucial to be aware of the risks and verify the legitimacy and credibility of any investment opportunity. Authorities across the globe have been increasingly cracking down on cryptocurrency scams, highlighting the importance of staying vigilant and informed in the rapidly evolving digital financial landscape.