Over 300 Complaints Registered in Himachal, India

As of today, November 4, over 300 complaints related to a cryptocurrency scam have been registered all across Himachal Pradesh, India. According to the Deputy Chief Minister of the state, Mukesh Agnihotri, the aforementioned complaints come in alignment with the fraud that began in the state in 2018.

Deputy CM Cracks Down Cryptocurrency Ponzi Scam

As per reports, Agnihotri presided over a meeting focused on bringing out a plan of action against the perpetrators as of Friday, November 3.

Mukesh stated that he observed several complaints swarming in from different parts of the state concerning people cheated by the kingpin of the cryptocurrency fraud that began in 2018. Moreover, over 300 complaints have been registered by the state police to date.

The perpetrators cheated people by giving out false promises of high profits on investments made, within a short period. Moreover, people falling prey to such Ponzi schemes have become a common occurrence when it comes to the world of crypto.

Apart from this, the Deputy Chief Minister requested people not to engage with the unregulated cryptocurrency market as the lack of regulation in these sectors makes them highly insecure, resulting in fraudulent activities, market manipulations, and security breaches.

Also Read: Big Development On Bitcoin Price Chart , Will ETH, XRP, ADA, SOL Follow?

More About The 2018 Crypto Scam

The man behind the multi-crore cryptocurrency ponzi scam, Subhash Sharma, hailing from Sarkaghat in the Mandi district, has not been captured yet.

So far twelve of the perpetrators have been arrested by the state police, out of which 10 belong to the Mandi district of the state whereas the rest two belong to the Una district. Further investigation into the matter revealed that perpetrators from the state’s Mandi district falsely created a local cryptocurrency and tricked thousands of people into losing hundreds of crores of rupees.

As stated by the Director General of Police (DGP) Sanjay Kundu, the website used by the perpetrators encompassed around 250 thousand different IDs with over 70 to 80 imposters. These imposters earned over 2 million from looting nearly 100 thousand investors.

Also Read: Yuga Labs & Magic Eden To Launch NFT Marketplace

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.