Cryptocurrency fraud: Over 1,000 Himachal cops lose crores of rupees to 'Korvio Coin' and 'DGT Coin'

Posted under: Fintech
Date: 2023-10-25
Cryptocurrency fraud: Over 1,000 Himachal cops lose crores of rupees to 'Korvio Coin' and 'DGT Coin'

More than a thousand police personnel in Himachal Pradesh's Mandi district fell prey to a fraudulent local cryptocurrency crafted by scammers. The Special Investigation Team (SIT), tasked with unraveling the scam, discovered that many police personnel invested significant sums, resulting in substantial financial losses. The scammers, as per the police, deceived at least one lakh people in this cryptocurrency fraud, and they uncovered 2.5 lakh IDs, many of which were duplicates. To attract investors, the fraudsters introduced two cryptocurrencies, ""Korvio Coin"" (KRO) and ""DGT Coin,"" and established deceptive websites featuring manipulated digital currency prices. They enticed early investors by promising rapid, high returns and established a network of investors who further expanded the scheme within their own networks. Among those ensnared in the scheme were police officers, teachers, and others seeking quick gains.

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