The Special Investigation Team (SIT) led by Deputy Inspector General of Police Abhishek Dhullar has been probing a massive ₹2,500-crore (INR100 crore = approx. USD12 million) counterfeit cryptocurrency scam in the northern Indian province of Himachal Pradesh. The fraudulent scheme centers around a fictitious digital currency named 'Korvio Coin'.
The fraudsters targeted individuals who had received compensation from infrastructure projects, enticing them to invest their funds into the scheme. High-performing agents were rewarded with costly foreign trips, amounting to ₹3.5 crore for approximately 2,000 trips.
The scam impacted around one lakh investors, including a significant number of government employees. The fraudsters manipulated 'Korvio Coin' prices using fake websites to deceive the investors.
In connection with this case, 18 people have been apprehended so far. Among those arrested are individuals who created chains of investors and profited over ₹2 crore from the scheme. Some police personnel involved in the scam have opted for voluntary retirement after making substantial gains.
The investigation has now turned its focus towards those who reaped substantial profits from the scam. However, the mastermind behind the operation, identified as Subash, remains at large.
The Himachal Pradesh Police is coordinating with central and financial agencies as well as other state police forces to take action under the BUDS Act, 2019, which carries a penalty of ten years imprisonment.
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