Title: Thousands of Policemen and Teachers Fall Victim to Cryptocurrency Scam in Himachal’s Mandi District
Publication Date: October 19, 2023, 17:30 IST
Image Caption: Policemen, teachers, and others got involved in the scheme for quick returns. (File photo/News18)
In a shocking turn of events, over a thousand police personnel in Himachal Pradesh’s Mandi district have become victims of a fake local cryptocurrency scam. The fraudsters behind the scheme not only duped a majority of the police personnel of crores of rupees but also convinced some of them to become promoters of the fraudulent cryptocurrency, attracting more investors. The Special Investigation Team (SIT) assigned to investigate the scam revealed these findings.
According to the police, the number of people deceived by the fraudsters reaches an alarming one lakh. The scammers have even managed to create 2.5 lakh IDs, including multiple IDs from the same individuals.
The scam operated by launching two cryptocurrencies, namely ‘Korvio Coin’ (or KRO) and ‘DGT Coin’. The fraudsters set up fake websites that displayed manipulated prices of these digital currencies, luring unsuspecting investors with the promise of high returns in a short period of time. The scammers also established a network of investors who, in turn, expanded the scheme within their own circles.
Interestingly, even though the majority of the police personnel who got involved in the scheme faced significant losses, their endorsement of the fraudulent cryptocurrency built trust among potential investors and gave credibility to the investment plan. Some police officers, entangled in the scam, even opted for voluntary retirement and became promoters of the scheme.
As the investigation continues, the scale of the cryptocurrency fraud becomes increasingly apparent. The involvement of police personnel, teachers, and other individuals amplifies the level of deception that the fraudsters employed to ensnare their victims.
Disclaimer: This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI.
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Arpita Raj works at the ‘Breaking News Desk’ and covers general, national, and international day-to-day news for news18.com. Graduating from Jamia Millia Islamia with a degree in Journalism, she brings a deep understanding of current affairs to her reporting. To read more articles by Arpita Raj, visit her profile on News18.
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