Expressing concern over the crypto currency fraud involving an illegal investment of Rs. 2500 crore in the State, Deputy Chief Minister, Mukesh Agnihotri has appealed to the people not to invest in the unregulated crypto currency market as lack of regulation exposes investors to a higher risk of fraud, market manipulation and security breaches.

Himachal Pradesh Crypto Scam
Himachal Pradesh Crypto Scam

He was presiding over a meeting to review the action being taken against the Kingpins who have cheated the gullible people of the State by luring them of high profits within a short span of time. “I am pained to learn that even the people who have received compensation from the four-lane and National Highway projects have parted with huge amounts of their money in lure of quick profit,” remarked Agnihotri, adding that people should restrict themselves from falling prey to such Ponzi schemes and crypto fraud. I have been told that a sum of Rs 500 crore, the hard-earned money of the people is lost in crypto racket.

Himachal Pradesh Crypto Scam

Even the Reserve Bank of India (RBI) and the Security Exchange Board of India (SEBI) have confirmed the absence of authorization of crypto currency and Bitcoins, he said. I am observing that complaints have been pouring in from various districts of the State wherein people have been cheated by the Kingpins of crypto fraud, said the Deputy Chief Minister adding that, as of date, over 300 complaints of crypto fraud have been received by the police.

He said that the police may take appropriate action against the Kingpins and to do justice to the innocent people of the State. He appreciated the Himachal Police for cracking the crypto network and making several arrests including the culprits Hemraj and Sukhdev, both from Mandi, Arun Guleria and Abhishekh from Una.

The other scammer, Subhash Sharma from Sarkaghat in Mandi district is still at large and will also soon be in the police net, he remarked. Director General of Police, Sanjay Kundu revealed that the department has reconstructed the website involved in the crypto scam having almost 2.5 lakh different IDs. He said that there were 70 to 80 imposters, who had earned over rupees two crores from nearly one lakh innocent investors.

The police have seized the property worth 8.5 crore so far at various places in Himachal and Zirakpur. “We have tied up with the Punjab Police and the Ministry of Home Affairs also have assured of every possible assistance. He said that action was being taken against the criminals under the Banning of Unregulated Deposits Schemes (BUDS) Act, 2019 wherein the punishment for such offences was more severe. A detailed presentation of action taken and findings was also given on the occasion. Abhishek Jain, Secretary Home and ADGP Abhishek Trivedi were also present on the occasion.

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