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Over 1,000 HP cops fell victim to crypto fraud, quit jobs to promote it
Over a thousand police personnel fell victim to a fake local cryptocurrency created by fraudsters in Himachal's Mandi district, an official said on Thursday.
A majority of the police personnel who invested in the fake cryptocurrency were duped of crores of rupees, but some of them made huge gains, became promoters of the scheme, and roped in more investors for it, according to investigators of the Special Investigation Team (SIT) constituted to probe the scam.
According to police, at least one lakh people have been duped by the fraudsters in the cryptocurrency fraud, and 2.5 lakh IDs have been found which included multiple IDs of the same person.
To get investors, the scammers launched two cryptocurrencies 'Korvio Coin' (or KRO) and DGT Coin' and created fake websites with manipulated prices of these digital currencies.
They lured the initial investors by promising them high returns in a short span of time. They also created a network of investors, who further expanded the chain