Himachal Crypto Scam: ED Hunts Dubai-Based Mastermind as 2.5 Lakh Investors Await Justice
The Himachal crypto scam continues to move slowly even after two years of investigation. Around 69 of the 76 accused have already received bail, while the court trial has not started. The Enforcement Directorate has arrested only two suspects since beginning its investigation in 2024, raising fresh questions about the progress of the case.
Officials say the alleged crypto fraud affected nearly 2.5 lakh investor accounts across Himachal Pradesh and nearby states. Investigators estimate the fraud caused losses of about Rs. 500 crore, while total investments in the scheme reached nearly Rs. 1,740 crore between 2018 and 2022.
ED Arrests and Investigation Progress
The latest action came on June 15 when the Enforcement Directorate arrested Masoom Juneja from Mohali under the Prevention of Money Laundering Act. Officials said his father, Vijay Juneja, already remains in Himachal Pradesh Police custody. Investigators believe both played important roles in the alleged MLM scam.
Police explained that the fraud worked through a referral system. Every investor received a unique ID and encouraged to invite friends and family members to join.
More people entered the scheme as existing members promised high returns. Investigators say the money collected from new investors helped pay earlier investors, making the operation similar to a Ponzi scheme.
Most complaints came from Kangra, Mandi, Hamirpur, and Una districts in Himachal Pradesh. Some victims also belonged to Punjab’s Phagwara area. Officials said many people invested compensation money received after their land was acquired for government road projects, making the financial losses even more serious.
Trial Yet to Begin
The Special Investigation Team has filed several charge sheets against 76 accused. Seven accused remain in jail after courts rejected their bail requests. Police officials confirmed that the trial has not started against any accused despite the investigation continuing for more than two years.
The ED investigation started after Himachal Pradesh and Punjab Police registered cases linked to the investment network. Officials recovered digital devices, important documents, and financial records during searches. The agency continues tracking money that allegedly moved through property purchases and other transactions.
Search for the Alleged Mastermind Continues
Investigators believe the alleged mastermind, Subhash Sharma, remains in Dubai. Officials continue collecting evidence while trying to strengthen the case against him. His absence has made the investigation more difficult as agencies continue searching for the main accused.
The case first came into public attention in 2023 after former independent MLA Hoshyar Singh Chambyal raised the issue in the Himachal Pradesh Assembly. The state government later launched a dedicated helpline, formed a Special Investigation Team, and started registering complaints from affected investors.
The Himachal crypto scam remains one of India’s biggest alleged cryptocurrency fraud cases. Many victims still wait for justice as court proceedings remain pending, several accused stay out on bail, and investigators continue searching for the alleged mastermind.
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