Over 300 Complaints Registered in Himachal Pradesh Crypto Scam
According to the Deputy Chief Minister of Himachal Pradesh, Mukesh Agnihotri, over 300 complaints have been filed regarding a cryptocurrency scam in the state. These complaints are related to a fraud that started in 2018.
Deputy CM Takes Action Against Cryptocurrency Ponzi Scheme
Agnihotri recently chaired a meeting to discuss the plan of action against the perpetrators of the scam. The state police have registered over 300 complaints from various parts of Himachal Pradesh.
Fraudulent Promises of High Profits
The scam involved promising high returns on investments within a short period of time. Unfortunately, falling for such Ponzi schemes has become common in the crypto world.
A Warning Against Unregulated Cryptocurrency Market
The Deputy Chief Minister urged people to avoid engaging with the unregulated cryptocurrency market. The lack of regulation in this sector makes it highly insecure and prone to fraudulent activities, market manipulations, and security breaches.
Details of the 2018 Crypto Scam
The mastermind behind the multi-crore cryptocurrency ponzi scam, Subhash Sharma, is still at large. The state police have arrested twelve individuals so far, with ten belonging to the Mandi district and two from the Una district. The perpetrators created a local cryptocurrency and tricked thousands of people into losing hundreds of crores of rupees.
Hot Take: Beware of Crypto Scams
This incident serves as a reminder to exercise caution when investing in cryptocurrencies. Always do your research and be wary of promises that seem too good to be true. Additionally, it is important to only engage with regulated platforms to minimize the risk of falling victim to scams.
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