More than 1,000 Indian police caught up in a massive crypto scam

Fraudulent activities continue to wreak havoc within the cryptocurrency market. The latest scam has seen India’s Himachal Pradesh state suffering massive losses. The report shows the perpetrator created fake cryptos, Korvio Coin (KRO) and DGT Coin, duping regular citizens and over 1,000 police.

"Wow! 😮 Thousands of police in Himachal got caught up in a crypto scam in India! 😱 Authorities are taking action to investigate and help the victims. Let's spread awareness and support those affected. Together, we can fight against crypto scams! 💪🌐" pic.twitter.com/AWoF04QgPQ

— Crypto Scam Never (@CryptoScamNever) October 19, 2023

Himachal’s cryptocurrency fraud

The shocking updates revealed many Himachal Pradesh residents have suffered a massive crypto scam. The scammers behind the fake investment scheme created local digital coins, DGT Coin and Korvio Coin, to attract innocent investors.

The fraudsters launched a fake website and lured participants with manipulated prices. They capitalized on users to promote their scam to more audiences. While most police suffered significant losses, their adverts added credibility to the project.

The report indicates that more than 100K individuals endured substantial losses. Notably, the scammers promised users quick returns that never came. The perpetrators used deception, threats, and misinformation to operate the scheme and extract funds from their victims.

Officials’ response

Authorities formed a Special Investigation Team to scrutinize the scam. The SIT arrested Hemraj and Sukhdev as the main suspend early this month. Nevertheless, the leader of the fraud, Subash, remains at large.

Meanwhile, the latest digital asset fraud in Himachal shows the weakness in the crypto market and the need for caution and due diligence when interacting with cryptocurrencies.

Indian police are investigating the scam, and individuals can help the SIT team through email or WhatsApp.

India remains a leading hub for cryptocurrency business. According to invezz.com news, India is the second-largest crypto market globally. The region has seen increased digital assets interest despite high taxes.