Mumbai: Fake cops siphon off teen's Rs 5.72L Bitcoin earnings

Mumbai: A 19-year-old student from Thane lost USD 7,669 or Rs 5.72 lakh–which he had earned through Bitcoin investments–to a fraudster who posed as a cop. In his police complaint, the Kalwa resident said that the fraud took place on Nov 11 when he was travelling in an auto-rickshaw with his friend.

The duo was stopped midway by two car occupants who asked them to get down and subsequently started making inquiries. One of them was donning a police uniform which even had a nameplate with the designation of an assistant police inspector, said the teen.

Earnings transferred by cons to another coin base address

The 'cop' then asked for the complainant's mobile phone and even made him reveal the security password. The fraudster noticed the Bitcoin investment app and told the teen that it's illegal to invest in crypto. Subsequently, both the cons left.

The teen was shocked when he checked his phone and saw that his earnings of USD 7,669 had been transferred to another coin base address. The perplexed youth immediately made inquiries about the 'cop' with the Thane Police Commissionerate and learnt that no such officer works with them.

Based on his complaint, a case was registered on Sunday under the relevant sections of the Indian Penal Code, including cheating and impersonation. The teen's presence of mind might turn out in his favour as he had noted the registration number of the fraudsters' car. Now, the cops are trying to trace the vehicle.