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Mumbai: Man loses Rs 77,000 in bitcoin investment scheme

The victim was informed that on investment of Rs 77000, he can earn Rs 7.70 lakh

Staff Reporter | Updated on: Monday, April 25, 2022, 06:37 PM IST

Mumbai: Man loses Rs 77,000 in bitcoin investment scheme | Freepik
Mumbai: Man loses Rs 77,000 in bitcoin investment scheme | Freepik
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A 22-year-old Tardeo resident saw an Instagram story on his friend's profile informing about a lucrative bitcoin investment scheme. The victim then contacted the Insta account mentioned in the story and invested his hard earned money in the bitcoin scheme only to realise later that his friend's Instagram account was hacked into and the fraudster had posted a fraudulent investment story on the hacked profile. The victim has lodged a case of cheating with the Tardeo police.

According to the police, the complainant in the case is a resident of Tulsiwadi in Tardeo. As per the victim, on April 19, he came across an Instagram story on his friend's profile. The story had claimed that on an investment of Rs 80000 he had earned Rs 9.50 lakh. The story also contained an Instagram account for investment purposes. The victim, who was in need of money, contacted the said Instagram account. The victim was informed that on investment of Rs 77000, he can earn Rs 7.70 lakh.

"The victim agreed to invest in the scheme and the fraudster provided an online money transfer account to the victim. The victim then transferred Rs 77000 in the said account. He was later left shocked when he learnt that the Instagram profile of his friend in which he had seen the investment scheme story, was actually hacked. When the victim tried to contact the fraudster, he learnt that the fraudster had blocked his number," the victim had stated in his FIR.

Having realised that he had been duped, the victim approached the police and got a criminal offence lodged on Friday. The police have registered a case under sections 420 (Cheating and dishonestly inducing delivery of property) of the Indian Penal Code, along with sections 66C (punishment for identity theft) and 66D (punishment for cheating by personation by using computer resource) of the Information Technology Act.

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Published on: Monday, April 25, 2022, 06:37 PM IST