Nationwide Sweep: SIT Raids Across India Unearth Crypto Fraud, Nabs One

In relation to the largest crypto scam involving Korvio Coin, also known as KRO coin, the Special Investigation Team (SIT) conducted raids at several locations in Himachal Pradesh, India.

In 41 areas around Himachal Pradesh, including districts like Kangra, Una, Bilaspur, Mandi, Hamirpur, and Solan, the SIT began an extensive search on Oct 29, according to a recent report.

Following the raid, one of the primary suspects, Abhishek, a native of the Una district, was also taken into custody by the SIT team working under the direction of the Director General of Police (DGP) of Shimla. Additionally, he is the mastermind of the large-scale scam that deceived more than one lakh people.

Importantly, during these raids, the SIT team, under the command of the Director in General of Police Abhishek Dullar, produced evidence related to the 2018 scam, including digital devices, property records, cell phones, and important documents.

The investigation commenced in September, following the establishment of a Special Investigation Team (SIT) by the Himachal Pradesh Government to probe the ₹400 crore cryptocurrency fraud.

According to SIT investigations, the purported scam tricked at least one lakh people and uncovered 2.5 lakh IDs, including multiple IDs belonging to the same individuals. The SIT probing team advanced their investigation into the scam, which lured victims with promises of significant investment returns, thanks to the documents they collected.

SIT Makes Progress In Investigation, Arrests Seven In Crypto Scam

The Special Investigation Team (SIT) presented Abhishek Sharma, one of the primary suspects involved in the 2018 scam, before the district court. Per a police statement, the court granted a five-day police custody for Abhishek Sharma.

Concurrently, the police team is actively pursuing Subhas, the alleged mastermind behind the 2018 Korvio Coin scam. Reports indicate that authorities suspect Subhash of evading them and hiding in Dubai.

Additionally, on Oct 7, following raids, the SIT apprehended seven individuals implicated in the case and recorded their statements in cooperation with the police, thereby progressing the investigation.

Recently, individuals in various Indian states have reported numerous cryptocurrency scams, emphasizing the need for increased vigilance. Authorities have cautioned the public against falling victim to such schemes, advising individuals to exercise caution and conduct thorough research before considering any investments, particularly in cryptocurrency ventures.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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