Since Thursday morning, the Enforcement Directorate (ED) has been conducting raids at the office of a cryptocurrency exchange company in Hyderabad and other areas.
There were two cases related to Foreign Exchange Management Act (FEMA) violations as well as money laundering charges against the company.
In accordance with the provisions of FEMA, the ED has already issued a show cause notice to the company. The raids are still under investigation.
As cryptocurrency becomes more popular, scams related to it are also on the rise. A lot of people, including people from Hyderabad, are becoming victims of these scams. A number of fraudsters are launching websites that offer lucrative returns in exchange for investors’ funds.
It is not uncommon for people to transfer thousands and sometimes lakhs of rupees to fraudsters due to the high returns. The scam cost Kammagoni Deepika, a degree student from Hyderabad, over Rs. 1.9 lakh.
Deepika received a friend request on June 11 from id ‘natasha_Smith_4444’ on Instagram. She introduced herself as Natasha, a binary trader and bitcoin consultant with Certified Trader Investment Options Trading.
Deepika was convinced to invest in the bitcoin trade by Natasha during their online conversation.
As soon as she became convinced, Natasha asked her to transfer funds to various UPI IDs. Her next step was to request Deepika’s WhatsApp number and send her a wallet ID.
Almost immediately, Deepika received a mail asking her to transfer $2000 for taxes and profit distribution fees. In response to her statement that she did not have money to transfer, the fraudster blocked her both on Instagram and WhatsApp.
When she realized she had been scammed, she contacted the cyber crime cell and filed a complaint. A News agency reported that two cases of cybercrime are reported every week in Cyberabad.
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