Last Updated: October 19, 2023, 17:30 IST
Over a thousand police personnel in Himachal’s Mandi district have fallen victim to a fake local cryptocurrency scam, according to officials. The fraudsters targeted police personnel, with many of them losing crores of rupees, while a few managed to make significant gains by becoming promoters of the scheme and recruiting more investors. The Special Investigation Team (SIT) assigned to investigate the scam revealed these findings.
The extent of the cryptocurrency fraud is far-reaching, with at least one lakh people being duped by the fraudsters. The investigation has also uncovered 2.5 lakh IDs, some of which belonged to the same individuals using multiple accounts.
The scammers employed various tactics to attract investors, including launching two cryptocurrencies called ‘Korvio Coin’ (or KRO) and ‘DGT Coin’. They set up fake websites that manipulated the prices of these digital currencies, promising high returns in a short period of time. To expand their network, they relied on existing investors to bring in new recruits within their circles.
The allure of quick returns enticed not only police personnel but also teachers and others to get involved in the scheme. Despite suffering losses themselves, their endorsement of the scam instilled trust among potential investors and lent credibility to the investment plan. Some police officers even opted for voluntary retirement and became promoters of the cryptocurrency scheme, as disclosed by a police official.
It is important to note that this news article has been published from a syndicated news agency feed and has not been edited by News18 staff.
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