Hyderabad: 'Fraudsters swindle crores in name of cryptocurrency investment': Police

Hyderabad: ‘Fraudsters swindle crores in name of cryptocurrency investment’: Police

Hyderabad : Regardless of several initiatives and precautionary measures being taken to crack down the cases of cyber-crimes, cryptocurrency investment s, there have been at least 20 cases of fraud in the name of cryptocurrency investment under the Hyderabad City Police limits in 2022 alone. In October-November 2021, there were 15 complaints across the three commissionerates of Hyderabad, Rachakonda and Cyberabad, with the complainants losing around Rs 9 crore in just one month. There was also one suicide reported in Suryapet β€” a man killed himself after losing Rs 70 lakh after investing in crypto, Telangana Today reported. The amount lost by the victims varies from Rs 10 lakh to Rs 1 crore. According to police, the fraudsters adopt two modus operandi β€” one in which they ask investors to purchase and transfer cryptocurrency to an account, the other in which they are asked to send money to a company account that is a fictitious one. The victim’s e-wallet shows a huge profit balance, but when they try to withdraw it, the fraudsters charge them a commission of 35 per cent, which is again a trick to extort money. Related News Indian investors likely lost Rs 1,000 cr to fake crypto exchanges: Report

Read More…

Leave a Reply

Your email address will not be published.

eight + 17 =