More than 300 complaints about a cryptocurrency scam have been filed as of today, November 4, throughout the Indian state of Himachal Pradesh. The aforementioned accusations, in the opinion of the state’s Deputy Chief Minister Mukesh Agnihotri, are consistent with the scam that started in the state in 2018.
Deputy CM Takes Action Against Crypto Ponzi Scheme
According to sources, on Friday, November 3, Agnihotri chaired a meeting with the aim of formulating a plan of action against the offenders.
According to Mukesh, he saw a number of complaints pouring in from all over the state about people who had been duped by the mastermind of the bitcoin scam that started in 2018. Furthermore, the state police have received nearly 300 complaints so far.
The offenders deceived consumers by making fictitious claims of quick and large returns on their investments. Furthermore, in the realm of cryptocurrency, it has become commonplace for people to fall victim to these kinds of Ponzi schemes.
In addition, the Deputy Chief Minister asked people to stay away from the unregulated cryptocurrency market because it is extremely unsafe due to the lack of regulation, which can lead to fraud, market manipulation, and security breaches.
Subhash Sharma, a resident of Sarkaghat in the Mandi district, is the mastermind behind the multi-crore cryptocurrency ponzi scheme; he has not yet been apprehended.
Twelve of the offenders have been taken into custody by the state police thus far; ten of them are from the state’s Mandi area, while the other two are from the Una district. Subsequent inquiry into the issue showed that criminals from the Mandi area of the state had fabricated a local cryptocurrency and deceived thousands of people into parting with hundreds of crores of rupees.
According to Director General of Police (DGP) Sanjay Kundu, the offenders’ website contained about seventy to eighty imposters out of roughly two hundred thousand distinct IDs. These forgers took more than $2 million by robbing almost 100 thousand investors.