SIT to file chargesheet against three this week

Lalit Mohan

Dharamsala, November 26

The Special Investigation Team (SIT) will file the chargesheet in the multi-crore cryptocurrency scam this week. Sources told The Tribune that initially the police would file chargesheet in the court against three accused — Hem Raj, Sukhdev and Abhishek — under Sections 420 (cheating and dishonesty) and 120 B (criminal conspiracy) of the IPC and Sections 21 and 23 of the Banning of Unregulated Deposit Scheme, 2019, also called the BUDS Act.

Main accused fled to UAE

• The main accused in the case, Subhash Sharma, has fled the country and is believed to be hiding in the UAE, sources told The Tribune
• A resident of Sarkaghat area of Mandi district, he was into selling of consumer goods through multi-level marketing before selling fake cryptocurrency
• The said accused used the network that he had created through multilevel marketing of consumer goods to sell the fake currency

As many as 19 persons have been arrested in the case so far and property worth Rs 18 crore has been confiscated. The main accused in the case, Subhash Sharma, has fled the country and is believed to be in hiding in the UAE, sources said.

DIG (North Range) Abhishek Dular, who is heading the SIT, said the police were in the process of procuring arrest warrant against the main accused. The police would file chargesheet at the Shimla sessions court within a week, he added.

Sources said that though the registered value of properties confiscated was about Rs 18 crore, its market value might be three times of the registered value.

Another interesting fact that comes to the light in the case was that the police have found insignificant amount in the bank accounts of the accused. As per the sources, most of the transactions were done in cash.

The sources said that main accused Subhash Sharma who was graduate and resident of Sarkaghat area of Mandi district was into selling of consumer goods through multi-level marketing, before entering into selling fake crypto currency. He made his other associates, including Hemraj and Sukhdev, who were also into selling of consumer goods through multi-level marking, join him in selling fake cryptocurrencies. The said accused used the network that they had created through multilevel marketing of consumer goods to sell fake crypto currency.

They initially started selling Korvio or KRO and DGT crypto coins to the consumer across the state. Hefty returns, which were as high as 10 per cent per month on investment, lured the initial investors. Social media propaganda that people had made fortunes through investments in cryptocurrencies also helped the accused increase their consumer base.

Till date the police have received about 300 complaints from people who lost money in the scam.