In a determined move to apprehend the key figure behind the Rs 2,500-crore cryptocurrency scam, the special investigation team (SIT) is set to approach the court on November 28 for an extradition warrant against fugitive mastermind Subhash Sharma, suspected to be residing in the UAE.

The elusive orchestrator of the scam, Subhash Sharma, hails from Sarkaghat in Himachal Pradesh’s Mandi district and has been evading authorities. As per the latest information, he is believed to be hiding in the UAE. Deputy Inspector General of Police (DIG) for the northern range, Abhishek Dhullar, who leads the SIT, disclosed the ongoing efforts to secure his return.

The multi-crore cryptocurrency Ponzi scheme, which was initiated in 2018, raised suspicions among investors when returns ceased during the Covid pandemic’s economic disruptions. As investors inquired about their pending returns, they discovered the intricate web of deceit they had fallen into and were subsequently silenced through threats. The scam’s operators warned victims that they would forfeit their invested funds if they reported the fraud to law enforcement, effectively discouraging them from filing complaints. Nevertheless, following the scam’s exposure in 2022, hundreds of victims emerged, shedding light on the modus operandi of the culprits. Authorities have received over 300 complaints thus far, revealing the scale of the fraudulent operation.

SIT investigations have unveiled the kingpin and his main associates’ investments in real estate across Himachal Pradesh, Chandigarh, Punjab, and Haryana, as well as extravagant purchases such as high-end cars, which previously seemed beyond their means. Additionally, the individuals engaged in tax evasion practices. A total of 19 individuals, including key suspects Hemraj and Sukhdev from Mandi, as well as Arun Guleria and Abhishekh from Una, have been apprehended. Now, authorities are delving into a second layer of approximately 70-80 individuals who reaped substantial gains, each amassing over Rs 2 crore through the recruitment of new participants into the scheme. The Himachal Police is working in conjunction with central and financial agencies, along with other state police forces, to take action against the criminals in accordance with the Banning of Unregulated Deposits Schemes (BUDS) Act, 2019. This elaborate scam ensnared innocent individuals by promising attractive returns within a short timeframe, ultimately inflicting massive financial losses on victims from diverse backgrounds, including law enforcement personnel and educators. The scheme involved misleading narratives, deception, and threats to manipulate and control participants, leveraging locally developed cryptocurrencies such as ‘Korvio Coin’ or KRO coins. To give the illusion of value, the perpetrators used multiple cryptocurrencies and fabricated websites displaying inflated coin prices. The crypto-scam website featured around 2.5 lakh different IDs, illustrating the extent of their operations. Shockingly, over a thousand police personnel also fell prey to this fraud, with some of them amassing considerable wealth by luring in more investors. They subsequently chose early retirement and became promoters of the Ponzi scheme.