Indian State Himachal Sees Crypto Scams Of $238M (Rs 2,000 Crore) in 3 Years: CM

In Himachal Pradesh, India, cryptocurrency scams have defrauded investors of at least $238 million (Rs 2,000 crore) over the past three years, Chief Minister Sukhvinder Singh Sukhu reported on Thursday. 

During a legislative assembly session, Sukhu disclosed that 89 individuals were arrested and 20 FIRs were registered in connection with these scams. Out of the massive sum lost, the state police have managed to recover Rs 11.36 lakh for six victims.

Chief Minister Sukhu, said , “As many as 89 people were arrested and multiple chargesheets were filed against them. They were arrested in connection with 20 FIRs being probed by Special Investigation Teams.”

The largest fraud was worth ₹1,740 crore and was related to bitcoins; it targeted approximately one lakh people in the state. The victims were enticed through various crypto websites and coins with the promise of high returns. 

Subhash Sharma, who is considered the mastermind of the crime, has not been caught yet and is thought to be in Dubai. His associate Milan Garg was arrested in Kolkata on July 17. The police have been informed of over 400 cases of this scam from districts such as Mandi, Una, Bilaspur, and Kangra.

In a bid to check the increasing number of cybercrimes, the Himachal Pradesh Police is planning to open Integrated Cyber Extended (ICE) Units in nine districts that do not have a separate cyber police station. 

At the moment, there are only three cyber cells in the Mandi, Kangra, and Shimla districts that address the complaints about cybercrimes. The number of complaints has increased from 11 per day to 44 per day over the last five years, and around 248 calls are received per day at the centralized cyber helpline number 1093.

The high court in Shimla has also ruled that FIRs should not be lodged for complaints seeking recovery of lost funds as the police have found it difficult to handle each case separately.