Two Citizens in India Lose 19 Lakhs to Cryptocurrency Fraud

Two citizens of Mumbai, India, fell victim to cryptocurrency fraud, losing a total of 19 lakhs to cyber fraudsters. The victims, a doctor and a homemaker were approached by the accused, who convinced them to invest in cryptocurrency. The doctor was defrauded of Rs 6.23 lakh, while the homemaker lost Rs 13.10 lakh.

Homemaker Duped via WhatsApp Group

According to the FIR, the homemaker was added to a WhatsApp group that claimed to offer tips on how to invest in profitable cryptocurrency trading. She followed the instructions given by the group administrator and invested her money in cryptocurrency. She even earned a profit of $28,480.

However, when she tried to withdraw her earnings, her request was declined. She was told that she needed to pay a 30% tax to the Indian government before she could withdraw her money. The woman paid the tax amount of $8,545, but the accused stopped responding to her messages. That is when she realized that she had been defrauded.

Doctor Invests in Unlisted Cryptocurrency

The doctor was convinced by Prathmesh Alsundekar, a homeopathic practitioner, to invest in a cryptocurrency that was set to launch in October 2022. As suggested by Prathmesh, the doctor sent Rs 50,000 to Shrikant Mawalkar, an investment agent. The complainant was shown an app where he could see that coins worth lakhs were being deposited in his account.

On the agent’s instructions, the doctor continued sending him money and eventually invested Rs 6.23 lakh. When he tried to sell the cryptocurrency, he was told that he could not do so as the crypto was not yet listed. When the coin was finally launched and listed, its value was just 10 paise. After several confrontations, the victim realized he was deceived and hence, filed a complaint.

Police Register Fraud Case

The Bandra police have registered a fraud case against the investment agent, a homeopathic practitioner, and his boss following the doctor’s complaint. The police are investigating the case and have urged the public to be cautious when investing in cryptocurrency.

Cryptocurrency fraud is becoming more prevalent, and it is essential to be vigilant when investing in digital currencies. Scammers use various tactics to defraud unsuspecting victims, including impersonating legitimate traders, creating fake websites and social media accounts, and promising high returns on investment.

Also Read: Portuguese NFT Marketplace Embraces Shiba Inu Cryptocurrency for Transactions

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Tags: Cryptocurrency cyber security fraud