Himachal crypto scam: Probe finds funds came back to India through hawala network - Hindustan Times
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Himachal crypto scam: Probe finds funds came back to India through hawala network

By, Shimla
Nov 30, 2023 06:10 AM IST

The first chargesheet in the case, that has been submitted to the prosecution department for sanction, names Hemraj, Sukhdev and Abhishek as the main accused

Nearly two months after launching a probe into the alleged multi-crore cryptocurrency fraud, the special investigation team (SIT) of Himachal police has prepared a 2,100- page chargesheet. The investigation has revealed that the money made through the fraudulent transactions was siphoned back to India through the hawala network.

In offences except for those punishable with life imprisonment or death penalty, a chargesheet has to be filed within 60 days (iSTock)
In offences except for those punishable with life imprisonment or death penalty, a chargesheet has to be filed within 60 days (iSTock)

The first chargesheet in the case, that has been submitted to the prosecution department for sanction, names Hemraj, Sukhdev and Abhishek as the main accused. Subhash Chand, the believed mastermind behind the scam, is absconding and said to hiding in Dubai.

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The SIT is planning to approach the competent court for his extradition soon. Subhash is a native of Sarkaghat in Mandi. The prosecution department will study the chargesheet to make a strong case against the accused. After approval, the SIT will present the chargesheet in the Himachal Pradesh high court.

In offences except for those punishable with life imprisonment or death penalty, a chargesheet has to be filed within 60 days.

The cryptocurrency scam that started in 2018 was initially was pegged at 400 crore. However, as the investigation progressed, the SIT found a 2,500 fraud spread across multiple states. More than 2.5 lakh identities were created in Himachal alone by the scam artists. State government employees, police personnel and businessmen had invested in the ponzi investment scheme. Many of these government officials had allegedly opted for voluntary retirement scheme.

The accused have also duped people from Punjab and Haryana. The SIT has so far seized assets worth 19 crore belonging to eight accused and made 19 arrests in connection with the case. The accused had amassed wealth worth crores, including immovable properties in Mandi, Bilaspur, Hamirpur, Punjab, Delhi and Chandigarh.

Hearing on Subhash’s extradition on December 4

The state police have started the process for extradition of Subhash, the main accused in the fraud case.

The SIT’s extradition plea will be heard by a UAE court on December 4. With the help of central investigating agencies, the SIT will seek warrant for the extradition against accused Subhash in the court.According to reports, the visa of the accused is also expiring soon.

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  • ABOUT THE AUTHOR
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    Gaurav Bisht heads Hindustan Times’ Himachal bureau. He covers politics in the hill state and other issues concerning the masses.

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