Over 1,000 Police Personnel Duped in $240 Million Crypto Scam in India
Over 1,000 Indian police officials have found themselves ensnared in a massive crypto scam, which has managed to dupe more than 250,000 victims out of an estimated Rs 2,000 crore (equivalent to $240 million).
The crypto scam was previously reported to be at around $24 million, but police investigation now estimates it to be a much larger scam totalling somewhere around $240 million.
The crypto ponzi scheme targeted investors with alluring promises of substantial returns on their investments in two entirely fictitious cryptocurrencies, named Korvio Coin (KRO) and DGT Coin.
As reported earlier, the mastermind behind the massive crypto scam is still at large. The perpetrator is believed to have fled the country before police could get to him.
Shockingly, among those victimized by this crypto scam were police officers themselves. As per local reports, many officers from Himachal Pradesh’s Mandi district lost significant sums of money to the scammers. What’s more alarming is that some of these officers, instead of seeking restitution, became promoters of the fraudulent scheme.
They leveraged their positions within the local community to attract other unsuspecting victims, deepening the reach and impact of this scam.
In the wake of investigations, two arrested suspects, identified as Sukhdev and Hemraj, have reportedly confessed to being liable for a staggering $48 million (Rs 400 crore) related to the crypto scam.
Addressing rumors of police involvement in the scheme, Himachal Pradesh’s director general of police, Sanjay Kundu, stated during a press conference, “We will get all the wrongdoers. The investigation is progressing in an organized and planned manner.”
Earlier this month, a special investigation team (SIT) conducted
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