Mumbai Police Hunt Unknown Scammers In ₹1.63 Crore Crypto Investment Fraud Case

Mumbai: The police are on the lookout for unknown scammers for allegedly duping investors to the tune of Rs 1.63 crore in crypto-currency investment fraud. This year, city police have registered seven cases of crypto-currency related fraud, with not a single case detected yet.

According to the police, the complainant (45), is a businessman and resident of Nashik. In November last year, the victim came across the profile of a woman on Facebook. After chatting for an initial few days, the woman began informing the victim about lucrative returns on investment in crypto-currency.

The scammer then induced the victim to download and install a bogus crypto-currency trading app. Thereafter, from December 12 till January 22, the victim was induced to transfer around Rs 15.74 lakh in different beneficiary bank accounts in over a dozen online transactions, police said.

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The victim checked his trading app and realised that his earnings had reached Rs 56 lakh. However, when the victim tried to withdraw his earnings, the app directed him to pay more Rs 15 lakh to get his earnings. Having realised that he had been duped, the victim approached the police.

The police have come across a total of four investors, including the victim who have lost around Rs 1.63 crore in this fraud. A case has been registered by the police under sections 318 (cheating) of the Bharatiya Nyaya Sanhita and section 66D (cheating by personation by using computer resource) of the Information Technology Act in the matter.

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