Hyderabad Technician Duped Over Rs 5 Lakh In Crypto Fraud

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Hyderabad Technician Duped Over Rs 5 Lakh In Crypto Fraud
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Photo: IENS

Hyderabad: In another case of crypto fraud a technician based in the city was duped out of Rs 5.8 lakh by cyber crooks. The victim told police he was induced to invest after seeing other investors making profits on their investments. At first, he too made decent profits, but soon he was asked to pay a huge sum to withdraw his money.
Police said the 40-year-old software engineer approached Rachakonda’s cybercrime office on Thursday and told them he had been added to an unknown Telegram group.Fastcoin Mining‘ on September 13, which claimed that it was about crypto investments. The complainant stated that he observed the operation of the system and was impressed by the profits made by investors. After that, the complainant said he contacted the administrator of the Telegram group who was named Brian McCauley (ID: @Braiely). McCauley told him he was a crypto analyst and said he would explain to him in detail how to go about making his investments.
On MaCauley’s advice, the Complainant signed up for https://fastcoinmining. net, bought USDT cry through an app as advised by Brian and transferred them to the EWallet suggested by the latter, The Times of India reported.

Police said that between September 14 and 16, the victim invested 2,140 USDT and received 2,874 USDT.

Buoyed by the profit he made in the first place, the plaintiff then invested 7,000, USTD which amounted to Rs. 5.8 million. On September 21, the plaintiff asks Brian to transfer the profit he has made to his account, but Brian tells him to invest an additional $1,500 so he can withdraw his money. Shortly after, Brian stopped responding to the plaintiff’s messages. It was after this that the complainant realized that he had been defrauded and filed a complaint with the police.

Based on the complaint, Rachakonda Police registered a case of cyber fraud and launched an investigation to identify these cyber fraudsters.

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