In a shocking turn of events, over a thousand police officers have fallen victim to a local cryptocurrency fraud scheme in Himachal Pradesh's Mandi district, an official revealed on Thursday. The fraudulent cryptocurrency, known as 'Korvio Coin' (KRO) and 'DGT Coin', duped most of the affected police personnel out of millions of rupees. However, some of them not only recovered their losses but also took on the role of promoters of the scheme, luring more unsuspecting investors into the scam.
According to PTI, a Special Investigation Team (SIT) has been assembled to investigate this large-scale fraud, which is estimated to have ensnared at least one lakh people, with the discovery of 2.5 lakh unique IDs, including cases of multiple IDs associated with the same person.
The scammers behind this cryptocurrency scam devised a two-pronged approach to attract investors. They introduced two cryptocurrencies, 'Korvio Coin' (KRO) and 'DGT Coin', along with fabricated websites showing manipulated prices for these digital currencies. Initial investors were lured with promises of substantial returns in a short period of time. The scammers then expanded their network of investors who, in turn, recruited more people within their personal circles.
Interestingly, even members of the police force, along with teachers and others, entered the scheme hoping for quick financial gains. Although a significant number of the police personnel who participated suffered substantial losses, their active promotion of the plan contributed to its credibility among potential investors. Surprisingly, some police personnel who were involved in the cryptocurrency scheme later opted for voluntary retirement and moved into the role of promoters of the scheme.
DGP Sanjay Kundu, referring to the ongoing investigation, stated, "We will nab all the miscreants... The investigation is progressing in an organized and planned manner," assuring that all those involved in the scam would be dealt with in accordance with the law.
Cryptocurrency, as a digital currency, operates independently of a central authority, such as a government or a bank, and relies on blockchain technology for its functionality. While cryptocurrencies hold promise for legitimate investments, they have also become fertile ground for various scams and fraudulent schemes, urging people to exercise caution and due diligence before investing in any cryptocurrency.
