Ranchi News: Massive Cryptocurrency Fraud Unveiled, Man Duped of Rs 1.33 Crore in Fraud

Ranchi News: On Wednesday, it was discovered that Naveen Kumar Verma, a resident of Ranchi's Dhurva police station area, had been defrauded of Rs 1.33 crore. Naveen has filed a case with the CID's cyber station in this regard. The police discovered during their initial inquiry that Naveen Kumar Verma had been defrauded of 1.33 crores on the pretence of raising the sum in the cryptocurrency market.

Fraudulent Funds Diverted to Hezbollah Account, Police Hand Over Investigation to CID Cyber Cell

The fraudulent funds were transferred by online fraudsters to a Hezbollah account in Lebanon. The inquiry into the situation has been turned over by the police to the CID's cyber cell. Cyber Station DSP Neha Bala verified this on Wednesday. His fund was one lakh, forty seven thousand, sixty eight dollars (US) at the time of transaction, according to the police complaint. Mr. Mark, the company's chief analyst, made him an offer at that time, promising to significantly enhance his investment if he engaged into a three-day contract with him in exchange for a 5% commission. After that, Naveen and Mark agreed to a three-day agreement. Additionally, the deposit amount was raised to Rs. 1 lakh 95 Thousand 28 US Dollars. Mark received his commission from Naveen as well, but when Mark tried to withdraw $52,000, he was unable to do so. Then he understood that he had been defrauded online. After that, he went right to the cyber police station and reported the incident.

Sophisticated Cyber Fraud Scheme Unveiled

The cyber police have begun an investigation into the matter when it came to light. Naveen Trade P CP Coin was the first website used for trading. He started by using UPI to transfer funds to the account. then purchased USDT (a cryptocurrency). He acquired 1.42391 lakh bitcoins in this manner, totaling Rs. 1.33 crore. After that, an analyst for the A-16-Z organisation offered to raise or lower the bitcoin price on a WhatsApp group. He revealed that the business regularly used a WhatsApp group to make proposals to investors about how to raise the money. Additionally, the business gave investors the guarantee that it would cover half of any financial losses.

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