Mandi. Around 20 to 22 people have allegedly been defrauded of nearly ₹4 crore in a suspected cryptocurrency investment scam in the Kamand area of Mandi district, Himachal Pradesh. According to the preliminary investigation by Padhar police, an office was operated under the name ‘Sirafina’, where investors were allegedly promised that their money could be doubled within a few days through live trading in Bitcoin (BTC) and US dollars (USD). Following the complaint, police have issued a lookout notice against the main accused and frozen five to six suspected bank accounts linked to the company.
Police began a preliminary inquiry into the matter in January 2026. According to the complaint, a Maharashtra resident had opened an office under the name ‘Sirafina’ in Kamand. Potential investors were allegedly told that live cryptocurrency trading could generate returns of up to 100%, allowing their investments to double within a few hours or days. To gain investors’ confidence, the group allegedly showed documents on company letterheads, provided cheques as security and conducted live demonstrations of trading activity.
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One of the complainants said he came into contact with the alleged investment scheme in October 2025. Attracted by the promise of high returns, he transferred a total of ₹31.05 lakh online on different dates and also handed over ₹4 lakh in cash. According to his complaint, he did not receive any returns by January 2026. On January 10, he went to the office in Kamand and demanded the return of his money. He alleged that he was abused and threatened with death before being forced to leave the premises.
The investigation has indicated that after collecting money from investors, the operators allegedly used various excuses when investors attempted to withdraw their principal or claimed profits. Several investors were reportedly told that the website server was down and that withdrawals could not be processed. As complaints increased and investors failed to receive their money, the alleged company stopped operating. After the case was registered, the main accused reportedly went underground.
Police are now investigating how much money was collected in the name of investment and where the funds were subsequently transferred or used. Bank records are being examined to trace transactions involving money received from investors and its movement through different accounts. Transactions linked to the frozen accounts are also under scrutiny. Investigators are trying to determine how many people were involved in the alleged network and who was responsible for approaching investors and collecting their money.
The complainant has claimed that several other people also invested in the alleged scheme. However, some potential victims have reportedly not come forward because of concerns about social embarrassment and alleged threats. Police are examining information about other possible victims to establish the actual number of people affected and determine the total amount allegedly collected through the scheme.
Meanwhile, a video from an event held on the premises of IIT Mandi in Kamand has also drawn attention on social media in connection with the controversy. The video has reportedly led to claims about the presence of a senior institute official at the event. However, the institute’s registrar has clarified that IIT Mandi has no connection with the alleged cryptocurrency investment fraud.
Police are continuing efforts to trace the absconding main accused. Following the issuance of the lookout notice, authorities are also monitoring any possible attempt to leave the country. Investigators are examining bank records, digital transactions, documents linked to the alleged company and communications with investors to establish the full scope of the suspected network. Further action will be taken based on evidence emerging during the investigation.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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