Himachal Pradesh Rs 2,000 Crore Crypto Scam Unveiled

Himachal Pradesh Suffers $238 Million Loss from Crypto Scams Over Three Years, Says CM

In the past three years, Himachal Pradesh has been hit hard by cryptocurrency scams, with an estimated loss of Rs 2,000 crore (approximately $238 million). Chief Minister Sukhvinder Singh Sukhu revealed that nearly 100,000 residents have fallen victim to these fraudulent schemes, the most significant of which involved a massive Rs 1,740 crore bitcoin scam.

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While authorities have arrested 89 individuals and filed 20 First Information Reports (FIRs), only Rs 11.36 lakh has been recovered and returned to six victims. The mastermind behind the largest scam, Subhash Sharma, remains at large and is believed to have fled the country. Efforts to track him down have been unsuccessful, with speculation that he may be hiding abroad.

Rising Cybercrime and Crypto Scams in Himachal Pradesh

The state has seen a troubling rise in cybercrime, particularly in cryptocurrency-related scams, which are increasing at an alarming rate. Residents were duped into investing their money with promises of doubling their returns via various online platforms linked to cryptocurrency. The scam has affected tens of thousands of people across multiple districts, including Mandi, Una, Bilaspur, and Kangra.

Despite the arrests, the main suspect, Subhash Sharma, remains elusive, possibly in Dubai. His associate, Milan Garg, was apprehended in Kolkata, but other members of the criminal network are still being pursued by law enforcement.

In response to the growing cybercrime crisis, Himachal Pradesh Police have announced plans to establish new Integrated Cyber Extended (ICE) Units in nine districts that currently lack dedicated cyber police stations. At present, only three districts—Mandi, Kangra, and Shimla—have operational cyber cells, and these are reportedly overwhelmed by the volume of complaints.

Since 2019, the number of daily cybercrime reports has surged from just 11 per day to around 44 per day in 2024. Additionally, a centralized helpline is receiving approximately 248 calls each day, with the majority relating to financial fraud.

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In a recent ruling, the Himachal Pradesh High Court stated that FIRs are not required to be registered if victims are solely seeking the recovery of lost funds, citing the difficulty faced by police in handling the sheer number of cases.

Conclusion

Cryptocurrency scams in Himachal Pradesh have caused significant financial losses, with around Rs 2,000 crore stolen from nearly 100,000 victims. While there have been arrests and ongoing efforts to combat cybercrime, the mastermind behind the largest fraud remains at large. The state is now focused on strengthening its cybercrime resources in an effort to better protect its citizens from future scams and fraud.

Source: coingabbar

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Writer @Elena

Elena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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