Man loses over Rs 70 lakh in cryptocurrency fraud

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Hyderabad: In yet another case of cyber fraud, a secunderabad man lost Rs 73 lakh after scammers met him on social media and lured him to invest in cryptocurrencysaid the police.

The victim has been identified as Srinivas, a resident of Kavadiguda, according to police. Srinivas initially invested ₹30 lakh through a mobile app after being promised a high return. The app showed that his Rs 30 lakh had risen to Rs 2.4 crore within a few days of his investment. However, the victim was unable to withdraw the money, the Times of India reported.

After failing to withdraw his winnings, he encountered cyber fraudsters who persuaded him to invest more in order to qualify to withdraw the money.

“Over the span of about two weeks, the victim finally invested ₹73 lakh. After the accused stopped communicating, he approached us,” said KVM Prasad, ACP, cybercrime.

The number of cryptocurrency fraud cases has risen multiple-fold across the country in the recent past.

In another cryptocurrency fraud reported from Bengaluru, a 30-year-old man lost more than Rs 2.2 crore after a man lured him to invest in real estate and cryptocurrency, promising high returns. Dhanraj S (30), a resident of Jayanagar, filed a police complaint against the accused, Santosh TS, after realizing that he had lost all of his money invested in cryptocurrency and real estate, the Times of India reported.

According to the report, the victim said he had known Santosh since 2014 and wanted to invest his money in companies with good returns. Santosh convinced him to invest through him in multiple companies, including cryptocurrency. Dhanraj gave Rs 30 lakh to Santosh in September last year. According to Dhanraj, he invested Rs 2.25 crore through multiple online and cash transactions. However, he lost all his money.

Jayanagar Police have launched an investigation after registering a fraud case against the suspect. The police called on people to invest cautiously.

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