Last Updated: October 19, 2023, 17:30 IST
Over a thousand police personnel in Himachal’s Mandi district fell victim to a fake local cryptocurrency scheme created fraudsters, according to officials on Thursday. The fraudsters targeted police officers, with many of them losing crores of rupees in the scam. However, some officers made significant gains and became promoters of the scheme, bringing in more investors, as revealed the Special Investigation Team (SIT) assigned to investigate the case.
In total, the cryptocurrency fraudsters managed to dupe at least one lakh people, with 2.5 lakh IDs discovered, including multiple IDs belonging to the same individual, stated the police. These fraudsters used two cryptocurrencies, namely ‘Korvio Coin’ (or KRO) and DGT Coin’, and created fraudulent websites featuring manipulated prices to attract investors. They promised high returns in a short period of time, which enticed initial investors.
The scammers built a network of investors who further expanded the chain within their own circles. Policemen, teachers, and other individuals were lured into the scheme with the promise of quick returns. While many police personnel suffered losses, their promotion of the fraudulent scheme instilled trust among other investors and lent credibility to the investment plan. Some policemen even opted for voluntary retirement and became promoters of the scheme, as shared a police official.
(This story has not been edited News18 staff and is published from a syndicated news agency feed – PTI)
Author: Arpita Raj
Arpita Raj is a journalist working at the ‘Breaking News Desk’ of news18.com. She covers general, national, and international news on a daily basis. Arpita Raj graduated from Jamia Millia Islamia University and has since been actively reporting on various topics.
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