Man tricked out of Rs 1 crore in crypto fraud

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Man tricked out of Rs 1 crore in crypto fraud

Posted: Posted Date – 10:38 PM, Thu – Aug 11, 22

Hyderabad: Man tricked out of Rs 1 crore in crypto fraud

Representative image.

Hyderabad: A businessman from Mehdipatnam in the city lost Rs 1 crore to cyber crooks who tricked him into investing in cryptocurrency trading.

According to the police, the victim noticed that his mobile number had been added to a WhatsApp group which had several people who allegedly traded in cryptocurrency and made huge profits. After going through the group chats, the victim contacted a contact number displayed in the group allegedly belonging to an investment firm.

The executives asked him to download two mobile apps for trading.

“After downloading the app, he made initial investments of small sums and made profits. Attracted by the profits, he invested around Rs 1 crore in the form of cryptocurrency and direct payment over a period of time said a cybercrime police official, adding that however, he was unable to withdraw the money and realizing he had gotten tricked, approached the cybercrime police. Hyderabad.

One case has been registered and an investigation is ongoing.

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