E-Paper
Crypto scam: Punjab okays provisional attachment of key accuseds’ properties
The Punjab finance department on Wednesday gave permission to provisionally attach properties of the two key accused involved in ₹400-crore cryptocurrency scam, under the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019
Mohali: The Punjab finance department on Wednesday gave permission to provisionally attach properties of the two key accused involved in ₹400-crore cryptocurrency scam, under the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019.
The scam shook Himachal Pradesh and Punjab as over 50,000 people lost their investments to a nexus of fraudsters.
According to officials, this is the first time that properties will be attached under the said Act in Punjab.
Properties under the BUDS Act are attached through correspondence of station house officer (SHO), senior superintendent of police (SSP), director general of police (DGP), Bureau of Investigation (BOI), home department, finance department (administrative secretary).
The BOI and the home department gave approval for the attachment of properties of key conspirators Subhash Sharma and Hem Raj last month.
Now, after getting a go ahead from Ajoy Kumar Sinha, the administrative secretary of the finance department, Punjab, the report regarding the same will now go to the district judge, Mohali, for passing of absolute attachment orders, according to the officials, people familiar with the development said.
“The court will give a final opportunity to both the accused to prove that these properties were not bought by the profits earned through cryptocurrency. We will soon initiate the attachment of the properties of both the accused,” a senior police officer said.
Dera Bassi police have identified 10 properties worth around ₹25 crore which belong to Subhash Sharma and Hem Raj. These properties are located on VIP Road and Nabha Sahib Road in Zirakpur.
Sinha, in a written order dated January 9, 2024, has asked the revenue authorities to freeze the sale of these 10 properties.
The masterminds of the multi-crore cryptocurrency scam amassed huge wealth, accumulated prime properties, including petrol pumps and hotels, and lived lavishly from the funds of people seeking to double their income by investing in digital money.
The Dera Bassi police have so far arrested 11 suspects and have booked several absconding members of the gang, including alleged mastermind Subhash Sharma of Mandi in Himachal Pradesh. Sharma had shifted to Zirakpur but is currently suspected to be in Dubai.
The prime suspects, Subhash Sharma, Sukhdev Thakur, Hemraj Thakur, and others, all natives of Himachal, promoted a counterfeit cryptocurrency called ‘Korvio Coin’.
The scammers previously made 200 leaders invest lakhs in cryptocurrency. Every leader had around 100 persons under his/her chain who also invested in the cryptocurrency after being assured of weekly double returns. The investors were introduced with silver, gold, diamond, platinum packages and accordingly they invested, expecting double returns. The investors could see that their currency was growing but at the time when they wanted to withdraw the money, their accounts got deactivated and they could never withdraw their money.
