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    <p>Over 1,000 Indian police officials have been caught up in a fake crypto scam that managed to dupe more than 250,000 victims out of an estimated Rs 2,000 crore ($240 million).</p>
    <p>According to India Today, the Ponzi-style scheme enticed investors with promises of hefty returns on investment in two fictitious cryptocurrencies, Korvio Coin (KRO) and DGT Coin.</p>
    <p>Victims, tempted by the promise of massive bitcoin-like gains, were fooled by fake websites displaying manipulated prices for the non-existent currencies. They were also encouraged to recruit more individuals with the money handed over by these new recruits used to pay older investors.</p>
    <p>Police officers from Himachal Pradesh’s Mandi district reportedly lost millions of rupees to the scammers but while many were content to recoup their losses, some also became promoters, <strong>using their standing in the local community to attract other unsuspecting victims</strong>.</p>
    <p>According to Tribune India, senior <a rel="noopener noreferrer nofollow" title="police" href="https://thebittimes.com/tag/police.html">police</a> sources say “It is a huge <a rel="noopener noreferrer nofollow" title="Scam" href="https://thebittimes.com/tag/scam.html">Scam</a> involving around Rs 2,000 crore and 2.5 lakh investors.” Two arrested suspects have reportedly confessed to owing $48 million (Rs 400 crore) to investors tricked by the <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> <a rel="noopener noreferrer nofollow" title="Scam" href="https://thebittimes.com/tag/scam.html">Scam</a>.</p>
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       Leader of $120M crypto scam in India arrested, authorities say
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    <p><em>Read more: Texas city locals warned of crypto scam impersonating FBI</em></p>
    <p>Addressing rumors of police involvement at an earlier press conference, Himachal Pradesh director general of police Sanjay Kundu assured those in attendance that everybody with a part to play would be dealt with according to the law. “We will get all the wrongdoers. The investigation is progressing in an organized and planned manner,” he said.</p>
    <p>Earlier this month, a special investigation team (SIT)&nbsp;conducted searches spanning 35 locations, seven districts, and one <a rel="noopener noreferrer nofollow" title="police" href="https://thebittimes.com/tag/police.html">police</a> district in Himachal Pradesh. These raids turned up evidence including property records, documents, electronic devices, and mobile phones, and <strong>led to the arrests of seven people</strong>.</p>
    <p>So far, <a rel="noopener noreferrer nofollow" title="police" href="https://thebittimes.com/tag/police.html">police</a> have arrested a total of nine individuals in relation to the scheme with two of those, known as Sukhdev and Hemraj, confessing to having over Rs 400 crore ($48 million) in liabilities relating to the <a rel="noopener noreferrer nofollow" title="Scam" href="https://thebittimes.com/tag/scam.html">Scam</a>.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/over-1-000-indian-police-caught-up-in-240m-crypto-scam-tbt67741.html">https://thebittimes.com/over-1-000-indian-police-caught-up-in-240m-crypto-scam-tbt67741.html</a></p>

Over 1,000 Indian police caught up in $240M crypto scam

TheBitTimes

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