Crypto scam: SIT seizes kingpin’s land in Una

Tribune News Service

Shimla, August 25

The Special Investigation Team (SIT), constituted to investigate Rs 2,500-crore cryptocurrency scam, seized 70-kanal land of Subhash Sharma, the mastermind behind the scam, in Una district. The SIT has also seized some plots owned by the accused in Zirakpur, Punjab.

In July, the SIT had arrested Milan Garg of Meerut, Uttar Pradesh, who was the key associate of Subhash. Garg was responsible for designing and marketing of fake cryptocurrency coins. However, Subhash still remains fugitive and is said to be hiding in Dubai.

Deputy Inspector General of Police (DIG) Northern Range Abhishek Dular, who is heading the SIT, said Subhash had purchased the land and plots with the money he made by duping the victims on the pretext of exorbitant returns on their investments in Ponzi cryptocurrency.

Meanwhile, the Himachal Pradesh High Court has rejected the bail application of three other accused — Sukhdev, Abhishek and Hemraj — who are under judicial custody for the past one year. The DIG added that the accused will continue to remain under the judicial custody.

In 2018, the accused used Ponzi cryptocurrency schemes to lure investors by promising them higher returns on their invested capital in a short span of time. They used to approach the investors, including government employees and police personnel, with an investment plan based on a locally developed crypto coin.

However, the investors got suspicious after they stopped receiving money. Later, the investors were threatened to either keep quiet or else lose their money.

In 2023, during the monsoon session of the Himachal Pradesh Legislative Assembly, the then Independent MLA from Dehra, Hoshiyar Singh, highlighted the matter. Singh had expressed concern over the scam after which Deputy Chief Minister Mukesh Agnihotri ordered an SIT to investigate the matter.

So far, 26 accused have been arrested in connection with the scam, while four chargesheets have been filed against 70 persons. Besides, property worth crores has been seized.