Massive ₹2,500 Crore Cryptocurrency Scam Exposed in Indian Province: Unveiling the Digital Deception

Massive Investment Scam Unearthed: Fraudsters Exploit Infrastructure Compensation Recipients, Lure Government Employees with Lavish Trips and Manipulate 'Korvio Coin' Prices

Fraudsters in India have targeted individuals who received compensation from infrastructure projects, luring them into investing their funds into a fraudulent scheme. These individuals were enticed with promises of high returns and were manipulated into investing in a cryptocurrency called ‘Korvio Coin’. The scam affected approximately one lakh investors, including a significant number of government employees.

The fraudsters employed various tactics to deceive the investors. They created fake websites and manipulated the prices of ‘Korvio Coin’ to give the impression of a thriving investment opportunity. To further entice potential investors, high-performing agents were rewarded with luxurious foreign trips, totaling ₹3.5 crore for around 2,000 trips.

The authorities have made significant progress in apprehending those involved in the scam. So far, 18 individuals have been arrested, including some who profited over ₹2 crore by creating chains of investors. Shockingly, it has been revealed that some police personnel were also involved in the scam and have chosen to retire voluntarily after making substantial gains.

The investigation is now focusing on identifying and taking action against those who reaped substantial profits from the scam. The mastermind behind the operation, a person named Subash, is still at large. The Himachal Pradesh Police is coordinating with central and financial agencies, as well as other state police forces, to take appropriate action under the BUDS Act, 2019. This act carries a penalty of ten years imprisonment for those found guilty.

It is crucial for investors to exercise caution and conduct thorough research before investing their hard-earned money. Schemes that promise high returns with little effort should be approached with skepticism. It is always advisable to seek advice from financial experts and verify the legitimacy of investment opportunities.

This article was written by an Irish journalist and reviewed by an editor to ensure accuracy and adherence to journalistic standards.

Martin Reid

Martin Reid

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