HomeCURRENT AFFAIRSMumbai Man Defrauded Of Rs 1.57 Crore In A Cryptocurrency Investment Scam

Mumbai Man Defrauded Of Rs 1.57 Crore In A Cryptocurrency Investment Scam

Cases of scams involving cryptocurrencies are on the rise. A Mumbai man has been defrauded to the tune of Rs 1.57 crore in a cryptocurrency-related investment scam. This man has accused a website of luring him to invest in a cryptocurrency mining scheme. The matter has been registered at Malabar Hill Police Station.

According to a media report, the complainant was online identified with the accused in the case in October last year. The accused had approached him a few days later regarding investment in cryptocurrency mining. The accused had told the complainant that he could earn handsome profits by investing in cryptocurrency mining hardware through a website. Initially the profit was also credited to his virtual wallet. Police said that the complainant had invested around Rs 1.57 crore.

However, when the complainant tried to withdraw his money, the accused forbade him to do so. This made the complainant suspicious and demanded a refund of his entire investment from the accused but the accused switched off his phone. This shocked the complainant and he also came to know that the website was fake.

He lodged a police complaint regarding this matter. Based on the complaint, the police have registered a case against an unknown person under the provisions of IPC and IT Act. In this case, the police have sought information from the service provider and the bank associated with the transactions regarding the fake website as well as the bank accounts in which the fraudulently received funds were deposited. Cases of fraud in the crypto segment have increased in the past few months. However, in most of these cases, the recovery of funds is difficult due to the fact that the transactions are foreign-linked. There has also been an increase in cases of crypto-related scams abroad and investors have suffered millions of dollars in losses.

Regulators in many countries have insisted on increasing scrutiny of this segment to prevent crypto scams.

Also Read – Share Market: BSE Sensex soars over 1100 points to trade above 56000

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