ED seeks info of 21 suspects in cryptocurrency fraud case from Mandi police
As the investigation progressed, police officials said that the scale of the fraud could potentially reach ₹1,000 crore
The Enforcement Directorate (ED) have sent a letter to the Mandi police, seeking information on 21 suspects, including five women, for their alleged involvement in the multi-crore cryptocurrency scam spanning multiple states.
The accused individuals hailed from various locations, including Punjab’s Zirakpur, Hamirpur, Una and Baddi in Himachal. Their modus operandi involved swindling money from unsuspecting victims through various schemes promising to double their investments. They would ask the victims to invest in cryptocurrency.
As the investigation progressed, police officials said that the scale of the fraud could potentially reach ₹1,000 crore. This operation has reportedly been going for the past three years with the perpetrators using initial payouts to build trust among investors.The fraudsters would use the subsequent investments to pay the initial investors, official said, adding that through this, while some made staggering profits, those who invested in the later stages were duped. They added that this is referred to as a ponzi scheme.
Police recently seized six properties owned by Subhash, the primary accused in the case, located in Punjab. Subash is suspected to be in Dubai and Himachal director general of police Sanajy Kundu had said that police were making efforts to repatriate him. Kundu had said that Himachal police were seeking help from the Interpol through the Union ministry of external affairs.
The special investigation team (SIT) of the state police has initiated an investigation into the properties of two other suspects, Hemraj and Sukhdev. The accused had allegedly used the embezzled funds to acquire these properties.
Investigations into their bank accounts revealed minimal balances, indicating that the accused accumulated their wealth by deceiving others. The SIT is now scrutinising revenue records related to the arrested individuals to determine the extent of the fraud.
This fraudulent scheme came under spotlight during the monsoon session of the assembly. Deputy chief minister Mukesh Agnihotri proposed the formation of the SIT. The panel was constituted with deputy inspector general (DIG) Abhishek Dullar as its head. Subsequently, police apprehended the accused and initiated legal action against them.
Simultaneously, the ED is conducting an investigation into the matter. Currently, the police SIT has arrested two of the accused, but the main accused, Subhash, remains at large.
So far, over 150 individuals have been questioned in connection with this extensive case of fraud.