Palampur: Cryptocurrency scam masterminds to be produced in court today

Masterminds of the multi-crore cryptocurrency scam Hem Raj and Sukhdev, who were arrested from Gujarat last week, will be produced in a local court tomorrow by the special investigation team (SIT) formed by the state government.

The first FIR pertaining to the scam was registered at the Palampur police station. The accused allegedly cheated people of over Rs 18 crore by promising them to double their money by investing in cryptocurrency.

A senior police official said the accused were nabbed with the assistance of the Gujarat Police from a farmhouse at Bhojda village in Gir Somnath district of that state.

They hail from Mandi district and their network was spread across the state. Hem Raj and Sukhdev were the key architects of the scam, he said. The third mastermind of the scam, Subhash Chand, was still absconding.

“The police have already identified their assets and investments. Victims of the scam have been requested to come forward to report their cases to the SIT,” he added.

The scam has been going on for the past five years. The fraudsters initially launched “Korvio Coin or KRO”. They had promised substantial returns by charging only the activation fee. Later, they utilised three-four other cryptocurrencies to dupe people.