Himachal crypto fraud: Accused led lavish lifestyles, spent ₹80 crore on plots, flats, says SIT

The investigation has found a manipulation of assets, with the accused allegedly evading revenue of lakhs by falsely declaring assets worth only ₹25 crore

The special investigation team (SIT) inquiry into the Himachal cryptocurrency fraud has exposed a web of lavishness and deceit. The accused in the case, across Mandi, Hamirpur and Kangra have allegedly splurged ₹80 crore on plots and flats in Himachal, Chandigarh, Punjab and Haryana, officials said.

The main accused, identified as Subhash, Hemraj, Sukhdev and Abhishek, allegedly propagated their wealth by claiming to have amassed crores through cryptocurrency investments (iStock)

They added that the investigation has found a manipulation of assets, with the accused allegedly evading revenue of lakhs by falsely declaring assets worth only ₹25 crore.

The illicit acquisition of property was reportedly since 2019 , with the police SIT actively pursuing the case. As of now, the properties of eight accused individuals have been confiscated, worth ₹19 crore. The accused, known for their extravagant lifestyles, have not invested in real estate and indulged in luxury accommodations in prominent hotels and the frequent exchange of high-end vehicles.

The main accused, identified as Subhash, Hemraj, Sukhdev and Abhishek, allegedly propagated their wealth by claiming to have amassed crores through cryptocurrency investments. The SIT’s findings indicate that the accused regularly travelled to Dubai, often accompanied by a retinue of agents.

To bolster their cover-up, the accused hosted lavish parties in upscale hotels, inviting influential political figures to create an illusion of legitimacy.

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