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INDIA: Unveiling the Cryptocurrency Scam in Dharamsala- A Deep Dive into the Multi-Level Scheme

Cryptocurrency Scam in Dharamsala

In a shocking revelation, a cryptocurrency racket spanning the entire country has recently been exposed, leaving approximately 2.5 lakh individuals deceived. Operating through a complex multi-level chain marketing scheme, the orchestrators of this scam were identified as Hemraj from Sarkaghat and Sukhdev from Dharampur in Mandi district. This blog post delves into the details of this illicit operation, the arrests made, and the ongoing efforts by law enforcement to unravel the full extent of the scheme.

INDIA Unveiling the Cryptocurrency Scam in Dharamsala- A Deep Dive into the Multi-Level Scheme 2023

The Scam Unveiled

On October 13, DGP Sanjay Kundu addressed the media, disclosing the intricate details of the cryptocurrency scam in Dharamshala that had ensnared unsuspecting victims nationwide. The Special Investigation Team (SIT) of the Himachal Police had arrested two key players, Hemraj and Sukhdev, who were responsible for duping a staggering number of people.

Arrest and Admission of Liability

The arrest of the two kingpins shed light on the scale of the operation. Hemraj, residing in Sarkaghat, and Sukhdev from Dharampur, Mandi, were at the center of this fraudulent network. DGP Kundu revealed that the accused had confessed to a liability of Rs 400 crore, reflecting the massive sum invested in the sham (Cryptocurrency Scam in Dharamsala ) that needed to be reimbursed to the victims.

Law Enforcement’s Response

Accompanied by Abhishek Dular, DIG, North range, and Shalini Agnihotri, SP, Kangra, DGP Kundu outlined the steps law enforcement is taking to bring the perpetrators to justice and compensate the victims related to Cryptocurrency Scam in Dharamsala

Identifying and Assisting Victims

The SIT is actively working to identify the 2.5 lakh individuals who fell prey to the scam. Despite the challenges, efforts are underway to ensure that every victim is accounted for, and steps are taken to assist them in seeking justice.

Asset Investigation

DGP Kundu emphasized the police’s determination to trace and evaluate the assets amassed by the accused and their accomplices not only in Himachal but throughout the country. The objective is to seal these assets, facilitating the recovery of funds invested in the cryptocurrency scheme.

Equating the Cryptocurrency Scam with Past Infamous Incidents

Drawing parallels with the Golden Forest scandal from two decades ago, Kundu underscored the gravity of the cryptocurrency scam. Both cases involved promises of substantial returns, revealing a pattern of deceit that has resurfaced in a more technologically advanced form.

The Modus Operandi

Abhishek Dular, leading the SIT, provided insight into how the scam operated. The accused lured investors with promises of exorbitant returns, reaching up to 10 percent per month. Initial investors, enticed by high returns, were then enlisted as marketing agents, and promised lucrative commissions for bringing in more investors.

Frequently Asked Questions ( FAQs)

Q: What is the significance of the Dharamsala cryptocurrency scam?

  • A: The Dharamsala cryptocurrency scam holds significance due to its widespread impact on approximately 2.5 lakh people, revealing vulnerabilities in digital financial systems.

Q: How did the perpetrators execute the multi-level chain marketing scheme in Dharamsala?

  • A: The scammers operated by assuring initial investors of high returns, who then acted as marketing agents, luring more people into the fraudulent scheme.

Q: What role does the Special Investigation Team (SIT) play in addressing the cryptocurrency scam?

  • A: The SIT is actively working to identify victims and trace the assets of the accused, aiming to recover funds invested in the cryptocurrency scheme.

Q: Can victims of the Dharamsala scam expect any compensation for their losses?

  • A: Efforts are underway to assist victims, and the police are working towards recovering funds from the scam to compensate those who suffered financial losses.

Q: How does the Dharamsala cryptocurrency scam compare to historical financial scandals like the Golden Forest case?

  • A: Both cases involve promises of high returns and reveal a pattern of deceit, with the Dharamsala scam drawing parallels to the infamous Golden Forest scandal from two decades ago.

Q: What are the specific focus areas of the ongoing investigation into the Dharamsala cryptocurrency scam?

  • A: The investigation is focused on key aspects such as “Hemraj and Sukhdev arrests,” “asset investigation in Himachal,” and “recovering money from the cryptocurrency scheme” to unravel the full extent of the illicit operation.

Q: How can individuals protect themselves from falling victim to similar cryptocurrency scams?

  • A: Staying informed about potential scams, verifying investment opportunities, and being cautious of unrealistically high returns can help individuals protect themselves in the rapidly evolving world of digital finance.


As law enforcement intensifies efforts to bring the culprits to justice, it is crucial to remain vigilant against such schemes. The cryptocurrency scam in Dharamsala serves as a stark reminder of the need for increased awareness and regulation in the rapidly evolving world of digital finance.

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Meet Devansh Saurav, CryptoWini's seasoned writer and finance expert. With over a decade in finance and a background in journalism, Devansh blends practical expertise and storytelling to unravel crypto intricacies. Follow him on CryptoWini for concise analyses, market trends, and engaging discussions bridging finance and crypto

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