In a relentless pursuit of justice, the Special Investigation Team (SIT) leading the charge against the Rs 2,500-crore cryptocurrency scam is set to make a crucial move. On November 28, the SIT will approach the competent court to secure a warrant for the extradition of the elusive mastermind, Subhash Sharma, believed to be hiding in the UAE. This development underscores the determination to bring Sharma, the central figure in the scam hailing from Sarkaghat in Himachal Pradesh’s Mandi district, to face the law.

The cryptocurrency Ponzi scheme, a multi-crore deception, first reared its head in 2018, leaving investors bewildered when their expected returns vanished during the height of the Covid-19 pandemic. Those who dared to question the accused about their missing investments found themselves ensnared, facing threats that silenced their grievances. The fear of losing their hard-earned money prevented many from lodging formal complaints with the police.

However, the tide turned in 2022 when the scam was laid bare, prompting hundreds of victims to come forward, unveiling the intricate workings of the fraudulent operation. Over 300 complaints have been registered thus far, shedding light on the scope of the deception. As the investigation unfolds, authorities have uncovered a web of investments by the kingpin and his main associates in properties across Himachal Pradesh, Chandigarh, Punjab, and Haryana. This ill-gotten wealth was further flaunted through luxury purchases, including high-end cars, and concealed through tax evasion.

The crackdown has already led to the arrest of 19 individuals, including key culprits, Hemraj and Sukhdev from Mandi, as well as Arun Guleria and Abhishekh from Una. Authorities now delve deeper, targeting the second layer of culprits who amassed substantial wealth by roping in new investors. As the Himachal Police collaborates with central and financial agencies alongside other state police forces, the Banning of Unregulated Deposits Schemes (BUDS) Act, 2019, is being invoked to bring the criminals to justice. The scheme, a seductive ploy promising quick returns, ensnared individuals from various walks of life, including police personnel and educators. Employing locally created cryptocurrency, ‘Korvio Coin’ or KRO coins, the perpetrators relied on misinformation, deception, and threats to perpetuate their scheme, resulting in significant financial losses for their victims.

The far-reaching impact of this crypto-scam extends to the fraudulent use of multiple cryptocurrencies and the creation of fake websites with an extensive network of over 2.5 lakh different IDs. Shockingly, even over a thousand police personnel became victims of this scheme. While many suffered staggering losses, some profited by building extensive chains of investors, ultimately retiring voluntarily to promote the Ponzi scheme further. This ongoing investigation underscores the need for vigilance and stringent measures against fraudulent cryptocurrency operations, emphasizing the critical role of law enforcement agencies in safeguarding financial interests.