In the Mandi district of Himachal Pradesh, India, over a thousand police officers have become victims of a fraudulent cryptocurrency scheme that involves ‘Korvio Coin’ (KRO) and ‘DGT Coin’ and has caused crores of rupees in losses.
A Special Investigation Team (SIT) has been constituted to look into this massive fraud, which is thought to have deceived at least 100,000 people. The team has found 2.5 lakh distinct IDs, including instances of multiple IDs linked to the same individual.
The scammers of this fraud used a two-pronged strategy, introducing two cryptocurrencies, “Korvio Coin” (KRO) and “DGT Coin,” along with phony websites that displayed manipulated prices for these digital currencies in an attempt to lure in investors.
The initial investor has also been scammed into promises of significant returns over short timeframes. Subsequently, the con artists broadened their investor base, which in turn attracted more people to their social circles. Some police departments, along with teachers and others, joined this scheme in the hopes of making quick money.
Even though many of the participating police officers suffered large losses, their aggressive marketing of the plan enhanced its legitimacy in the eyes of possible investors. Remarkably, a few police officers who had participated in the scheme later chose to retire of their own volition and took on the role of scheme promoters.
The SIT has detained seven more people, who are involved in luring unsuspecting victims with fake investment plans. The police have not yet disclosed the identities or details.
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