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Himachal Crypto Currency Scam : crypto trading rules scam 2024

Himachal Crypto Currency Scam


 Introduction:

An official told PTI last week that over a thousand police officers in Himachal's Mandi area were victims of a phoney local cryptocurrency created by crooks. The Special Investigation Team (SIT) entrusted with uncovering the fraud determined that numerous police officers spent large sums, resulting in severe financial losses. However, a few people made a lot of money by promoting the bogus plan and recruiting new investors. According to Deputy Chief Minister Mukesh Agnihotri, more than 300 complaints have been received from throughout Himachal Pradesh in connection with a multi-crore cryptocurrency ponzi scheme that began in the state in 2018.

According to an official statement, he presided over a conference on Friday to assess the action being taken against the offenders, who misled individuals by promising them big rewards on investments in a short time. Ten people from Banda and two from Una have been detained so far in connection with the investigation, according to Agnihotri. Subhash Sharma, the kingpin from Sarkaghat in Mandi district, remains at large and will be captured shortly, according to him. The deputy chief minister urged people not to participate in the uncontrolled cryptocurrency market, citing the risk of fraud, market manipulation, and security vulnerabilities.

 


SHIMLA Himachal Crypto Currency Scam: 

Roughly 5,000 government officials, including Himachal Pradesh police officers, as well as people who had received reimbursement for land purchased for various developmental projects, made major investments in a Rs 2,500 crore cryptocurrency fraud.

The Specialised Investigation Team (SIT) has found that around Rs 500 crore of an individual's hard-earned money is unlikely to be retrieved from the entire scam sum. The Special Investigation Team (SIT) has found that around Rs 500 crore of an individual's precious cash is unlikely to be retrieved from the entire scam sum. According to the Himachal Pradesh Police, the special investigation team (SIT) looking into the 2,300-crore cryptocurrency fraud has honed in on the involvement of five women accused of acting as agents.

 


The inquiry revealed a labyrinth of deception, with the accused founding new firms under different identities year after year to commit fraud. Two men, Sharma and Abhishek, have been recognised as the masterminds inside this complicated system. Several other accused had also worked in various organisations' multi-level marketing (MLM) businesses, giving them the ability to lure individuals and quickly develop their network. The two of the accused, who are now in judicial detention, are thought to be affiliated with a criminal cell that developed the cryptocurrency Korvio KRO in 2018 and enticed others to invest in the digital currency by promising big profits in a short amount of time. The strategy incentivized early investors to bring in additional members. Over 2.5 lakh IDs were issued.

Since 2018, criminals based in Himachal Pradesh have defrauded cryptocurrency investors out of four hundred rupees crore. During the lockout, the Bitcoin market saw a boom. According to the police special investigation team, the scheme might be worth up to 2,000 crore. An official in Himachal's Mandi district stated on Thursday that over a thousand police officers fell prey to a phoney local cryptocurrency manufactured by scammers.

According to investigators from the Special Investigation Team (SIT) formed to investigate the scam, the majority of the police personnel who invested in the fake cryptocurrency were duped out of crores of rupees, but some of them made huge profits, became promoters of the scheme, and recruited more investors for it. According to authorities, at least one lakh individuals have been fooled by cryptocurrency scammers, and 2.5 lakh IDs have been discovered, including several IDs of the same person. The accused, considered to be members of a criminal ring, encouraged others to invest in KRO and DGT coins by promising big returns in a short period. They used a Ponzi scheme to entice early investors to solicit other investors to join the scam. According to PTI, independent politician, Hoshyar Singh raised the issue in the state legislature, or Vidhan Sabha, estimating the sum swindled in Kangra and Hamirpur alone to be more than $24 million (Rs 200 crore).

 

Conclusion:

An engineer from Meerut believed to be one of the masterminds of a Ponzi scheme, has been arrested for allegedly honing his skills in Dubai during trips to the city. The scam involved a website offering investment opportunities, promising a chance to double the funds. The scam, which involved people from various walks of life, involved a high level of professionalism and was believed to have been a scam.

 

FAQS:

1. Can you go to jail for committing a Bitcoin scam?

The former bitcoin billionaire, 31, had been convicted on all seven counts of fraud, conspiracy, and money laundering, each of which carries a potential penalty of 20 years in jail.

 

2. Will I be able to recover my money from the crypto scam?

Typically, cryptocurrency payments are irreversible. You can only receive your money back if the individual you paid returns it in cryptocurrency. However, contact the firm you used to transmit the money and inform them that the transaction was fraudulent.

 

3. How can I report a cryptocurrency scam?

If you believe you have been the victim of a cryptocurrency scam, call your bank as soon as possible and report it to Action Fraud, the National Fraud and Anti-Money Laundering Bureau.

 

4. Is cryptocurrency fraud a crime?

Cryptocurrency Crime Examples. Conventional fraud and money laundering offences apply to the cryptocurrency realm, however, they are sometimes more difficult to detect. The Department of Justice, the US Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) all conduct investigations into cryptocurrency crimes.

 

5. How many individuals were defrauded by the crypto scam?

According to the FTC, crypto frauds have surged by 900 per cent since the Pandemic began. From the beginning of 2021 to the first quarter of 2022, more than 46,000 people were duped out of more than $1 billion in cryptocurrency-related fraud.




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