The Chembur police have registered a criminal offence against a mobile phone-based crypto-currency investment application for allegedly duping 26 of its investors to the tune of lakhs of rupees on the pretext of providing them lucrative returns on investment. Interestingly, the said application was available for download only through a link that was being circulated discreetly among those interested in investing in the scheme, police said.
According to the police, the complainant is a resident of Subhash Nagar in Chembur and is a real estate agent by profession. As per the victim in January this year, one of his friends had informed him about a mobile phone-based crypto-currency investment application. The said investment application promised 7.5 percent profit per day on the investment. The victim initially did not believe the scheme, but when he learnt that his friend had been receiving 7.5 percent profit every day, he too agreed to invest.
"As per the victim he had got added in a WhatsApp and later in a Telegram group which had 1500 other members in the said group. From February 06 till February 19, the victim and people known to him had totally invested Rs 5.10 lakh in the crypto-currency investment scheme. On February 24, when the investors were unable to withdraw their returns from the application and were also removed from the Telegram group," said a police officer.
The victim and other investors tried to contact the officials concerned but when they could not be contacted, the victim and other investors realised that they had been duped and approached the police. A case has been registered under sections 34 (common intention), 419 (Punishment for cheating by personation) and 420 (cheating) of the Indian Penal Code and section 66D (punishment for cheating by personation by using computer resource) of the Information Technology Act.
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