Cryptocurrency fraud: Over 1 lakh investors, just 350 complaints

Sameer Singh

Shimla, November 8

Only a small number of investors have come out in the open and registered complaint with the Special Investigation Team (SIT) so far in the multi-crore cryptocurrency scam. As per the police, only 350 complaints have been received by the SIT as against more than 1 lakh investors in the Rs 2500-crore scam.

The SIT has arrested 19 persons, including four kingpins, four police personnel, a home guard and one woman constable, till now.

Abhishek Dullar, DIG Northern Range and head of the SIT constituted to probe the multi-crore crypto-currency scam, said: “Fear of shame in society is certainly a reason that is keeping the investors or agents to come out in the open. Another reason is that investors or agents, who profited from the scam, want to evade arrest now. So, they have gone into hiding and do not want to report the matter to the police for obvious reasons.”

Dullar added: “The first FIR in the fraud was registered in September and then the complaints started pouring in. Another reason for less number of complaints can be less time also since the registration of first FIR. A dedicated helpline for cryptocurrency scam related complaints has also been established.”

Sources said in a sizable number of cases, the investors or agents got their family members or acquaintances registered in the bogus crypto-currency scheme. So owing to the proximity they share with the investors, despite being duped of their hard-earned money, they did not want any criminal action initiated against them. As a result, they chose to stay silent to protect them.

It all began in 2018

• The investment in the multi-crore cryptocurrency scam began in 2018 and assumed gigantic proportions in just five years, duping people of their hard-earned money
• A retired armed forces personnel lost Rs 1.5 crore to the scam is just a tip of the iceberg and thousands like him lost their lifetime savings to scammers
• The first FIR in the fraud was registered in September and then the complaints started pouring in, said SIT chief Abhishek Dullar
• The SIT has arrested 19 persons, including four kingpins, four police personnel, a Home Guard and one woman constable, till now