Crypto ponzi in Himachal Pradesh in India affects over 250,000 people, including law enforcement officials

More than 1,000 Indian police officers have fallen victim to two fake cryptocurrencies, Korvio Coin (KRO) and DGT Coin, resulting in an estimated financial loss of $240 million.

1,000 Indian police officers victims of crypto 240 million dollars ponzi scheme!

With nearly 17% of the world’s population, India is experiencing rapid growth in cryptocurrency adoption. Unfortunately, this progression is leading to an increase in crypto scams, as recently reported by a local media underlining a vast scam affecting many citizens in Himachal Pradesh, one of India’s 28 states, located in the north of the country and the Western Himalayas.

In the Mandi district of Himachal Pradesh, a scam has affected more than 250,000 individuals, including over 1,000 law enforcement officers. Victims were duped by two fictitious cryptocurrencies: Korvio Coin (KRO) and DGT Coin.

Like many other scams, these crypto ponzi schemes offered investors promises of impressive gains, attracting several victims in the process.

Although the damage from this scam was initially estimated at $24 million, the report suggests that it could reach 2,000 crores of rupees, or nearly $240 million.

Suspects already in the hands of the authorities in Himachal Pradesh in India

After extensive investigations by a special team, nine people have been arrested in Himachal Pradesh, India. Among them are two suspects, Sukhdev and Hemraj, are said to have admitted their involvement in a swindle estimated at $48 million.

According to reports, some police officers, rather than being solely victims, took on the role of promoters, luring other investors into the trap. Their influential status in the community heightened the impact of the scam.

In response to these rumors, Sanjay KunduHimachal Pradesh Director General of Police affirmed the determination of the police to pursue and apprehend all those responsible.

The growing rise in cryptocurrency-related scams, poses a real challenge in India. In response, the Indian government is currently working on the development of a innovative tool to detect and monitor them effectively.
On the other hand, scams damage the reputation of cryptocurrencies and hinder mainstream adoption by taking advantage of the lack of education on the subject among the general public.