Man cheated of Rs 1.40 crore in cryptocurrency investment fraud

Staff Reporter :

Cyber criminals cheated a 38-year-old private company manager of Rs 1.40 crore by luring him into investing in cryptocurrency with the promise of huge profits. The incident came to light after the victim, Krishna, a resident of Amravati Road, filed a complaint with the Cyber Police. According to police, Krishna was browsing Facebook and WhatsApp on July 25 when he came across an investment link sent by the accused. They promised him high returns if he invested in cryptocurrency.

Realising he had been cheated, Krishna approached the Cyber Police Station in and lodged a complaint. Based on his statement, the police have registered a case under BNS sections of cheating and the Information Technology Act.

Krishna first invested Rs 1 lakh. To win his confidence, the accused transferred back Rs 4 lakh into his account. Believing the scheme to be genuine, Krishna started investing large sums of money.

Following the instructions of the accused, he transferred around Rs 1.40 crore into different bank accounts. For this, he even borrowed money from his close relatives and friends. The accused created an online account for Krishna and showed him fake profits. However, when he asked to withdraw his money, the fraudsters started making excuses. Later, they cut off all contact with him.