Thousands lose over Rs 200 cr in crypto rug-pulls in Himachal

Shimla: Police are yet to nab the cryptocurrency fraud kingpin who may have swindled thousands of people across Himachal Pradesh of more than Rs 200 crore since 2018, the year the crypto fever reached its peak.

The gang lured people by promising high returns in a short span of time in crypto investments and created a network of investors.

The initial investors then were baited to reel in other people in a ponzi-style scheme.

The matter was raised in the Vidhan Sabha by Independent MLA Hoshyar Singh who pegged the amount of money swindled from people in Kangra and Hamirpur alone to be upwards of Rs 200 crore.

In the wake of Singh’s assembly speech, a special investigation team was formed to probe into the matter.

The exact amount defrauded is yet to be ascertained, Deputy Inspector General of Police, Northern Range, Abhishek Dhullar, who is heading the SIT, told reporters on Monday.

The frauds used a combination of misinformation, deception, and threats to maintain control over their scheme and continued to extract money from unsuspecting investors by manipulating the prices of their coins, he said.