Fraudsters duped a man out of Rs 40 lakh, claiming it was an investment in cryptocurrency. This victim is a resident of old Bhoiguda in Secunderabad who works in a restaurant. Several weeks ago, he connected with someone on Facebook.
In an effort to lure the victim into investing in cryptocurrency, the man presented himself as a businessman trading in Hong Kong.
“The fraudster convinced the victim to invest around Rs 40 lakh in an online business app involving cryptocurrency. Cybercrime officials said the fraudster gained the victim’s password and login id by presenting systematic investments as a way to make good profits.
As a result of a complaint, the police have booked a case and are investigating.
Increasing cryptocurrency popularity has also increased the number of scams associated with it. The scams in Hyderabad are affecting a large number of people.
Earlier this week, fraudsters in Mehdipatanam allegedly scammed a businessman into investing in cryptocurrency. A loss of Rs 1 crore is alleged to have been sustained by him. It was reported by the police that the victim was added to a WhatsApp group consisting of people interested in investing in cryptocurrencies. An investment firm’s contact number was posted in the group, so the victim dialed the number after skimming the conversation.
An executive posing as the victim was asked to download two trading apps after contacting the given number.
Following the instructions, the businessman downloaded the apps. Beginning with small investments, he earned profits quickly.
Over time, the victim invested Rs 1 crore in cryptocurrency and direct payments in order to increase gains. Eventually, the victim realized he had been cheated and couldn’t withdraw the money. An investigation is underway after the police registered a case.
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