HP cryptocurrency fraud: Foreign tours offered to lure investors

SHIMLA: The Special investigation team (SIT) set-up by Himachal Pradesh police to investigate Rs 2,400 cr worth cryptocurrency fraud involving government officials and police personnel, has found interesting facts about the modus operandi adopted by the fraudsters.

They not only target people with substantial bank savings but also those who received compensation for their land acquired for the infrastructure projects by the government agencies. Because these people had received compensation worth lakhs and crores of rupees, they became easy prey for the accused, 18 of them already arrested by the police including a few key persons.

SIT has found that several people who got compensation after their land was acquired by the government for four-lane projects in the state were lured by scamsters in Mandi, Hamirpur and Kangra districts to invest their money in fake cryptocurrency, the police said.

The SIT sources revealed that the fraudsters also used corporate-type motivational tactics through agents sending them on foreign trips to countries like Thailand, Dubai and other places. More than 2,000 such tours were conducted .

The amount spent on such tours was to the tunes of Rs 3.5 crore.

As per details, nearly 4,000-5,000 government employees were among high profile investors, who have lost money.

Those arrested among 18 persons including four main accused viz Hemraj, Sukhdev, Arun Guleria and Abhishek. Four police personnel and a forest guard have been arrested in connection with the case. However, the kingpin Subash is still at large.