E-Paper
ED probing role of five women in Himachal crypto-currency fraud
Police suspect women, one of who is from Punjab’s Zirakpur town, may have worked as agents of absconding prime accused
The Himachal Pradesh Police said on Friday that the special investigation team (SIT) probing the ₹2,300-crore crypto-currency scam has zeroed in on the role of five women who are suspected to have worked as agents of the absconding main accused, Subhash Sharma.
Police sources said that the names of the women surfaced during interrogation of the other accused. Two of the women are residents of Hamirpur, while one belongs to Solan and another from Zirakpur town in Punjab’s Mohali district.
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The Enforcement Directorate (ED) has sought information about these women from the state police. It is learnt that the SIT is gathering concrete evidence before making any arrest. It has already caught a woman in connection with the fraud, taking the total number of arrested individuals in the case to 10.
Vast network involved
The police suspect a network of hundreds of people was involved in defrauding investors. A bogus crypto-currency, Korvio Coin, was started in 2018 to lure the investors with the promise of high returns, but the accused manipulated its prices to their benefit, causing losses to the people. Later, they switched to new crypto-currencies, altering the terms and conditions. They threatened investors who demanded a refund.
Police investigation now shows that fearing arrest, some agents have started returning money to the victims.
The state government had set up the SIT, led by deputy inspector general (DIG) Abhishek Dullar, to probe the case. Dullar formed multiple teams to crack down on the accused and confiscate their properties.
Tightening the noose
Accused Abhishek Kumar, who owns property worth ₹1.9 crore in Zirakpur, was caught in Delhi recently. He worked at a multinational company before venturing into the crypto-currency business. Two of his aides, Hemraj Thakur and Sukhdev Thakur, were caught before him. He had been shifting base in five states, including Chhattisgarh and Madhya Pradesh, before the SIT caught up with him in Delhi. He is in five-day police remand, while the other accused are in judicial custody.
The SIT has compiled records of 2.5 lakh investor IDs. These investors span a diverse spectrum of society, including political leaders, doctors, officers, police personnel, contractors, and even farmers.
Complex web of deceit
The investigation has brought out a web of deceit, with the accused repeatedly forming new companies under different aliases to perpetrate fraud year after year. Within this complex web, two individuals, Sharma and Abhishek, have emerged as the masterminds. Several other accused also had experience working in the multi-level marketing (MLM) business of various companies, equipping them with the skills to entice people and swiftly expand their network.
Mastermind Sharma flew abroad to evade arrest, while many other accused are in hiding. So far, properties worth ₹9.5 crore have been confiscated by the SIT, which is determining the extent of each individual’s investments and tracking the flow of funds into respective accounts.
