In a recent update, Chief Minister Sukhvinder Singh Sukhu revealed that cryptocurrency frauds in Himachal Pradesh have defrauded investors of approximately Rs 2,000 crore over the last three years. This alarming figure was disclosed during a legislative assembly session on Thursday.
Sukhu reported that law enforcement has made significant progress in addressing these scams, with 89 arrests and 20 First Information Reports (FIRs) filed. Despite the extensive losses, the state police have succeeded in recovering Rs 11.36 lakh for six victims.
“To date, 89 individuals have been apprehended, and chargesheets have been filed against them. These arrests are linked to 20 FIRs currently under investigation by Special Investigation Teams,” stated Chief Minister Sukhu.
The most substantial of these frauds involved an estimated ₹1,740 crore, centered around bitcoin schemes. This scheme deceived approximately 100,000 residents of the state, who were lured by promises of substantial returns through various cryptocurrency platforms.
The primary suspect, Subhash Sharma, remains at large and is believed to be in Dubai. His associate, Milan Garg, was apprehended in Kolkata on July 17. The police have received over 400 complaints from districts including Mandi, Una, Bilaspur, and Kangra.
To combat the rise in cybercrimes, Himachal Pradesh Police is set to establish Integrated Cyber Extended (ICE) Units in nine districts lacking dedicated cyber police stations. Currently, only three cyber cells in Mandi, Kangra, and Shimla address cybercrime complaints. The volume of these complaints has surged from 11 daily five years ago to 44 daily, with approximately 248 calls received daily at the centralized cyber helpline, 1093.
In response to the high volume of complaints, the Shimla High Court has ruled that FIRs should not be filed for complaints seeking the recovery of lost funds, as managing individual cases has become increasingly challenging for the police.
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