Indian police arrested a suspect in Kolkata related to a cryptocurrency investment fraud worth 1.5 crore Rupees (approximately 180,000 USD) in 2023.
This is a complex case involving a fake cryptocurrency investment platform, causing many unsuspecting investors to lose money. The police continue to trace the network and related accomplices.
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The 26-year-old suspect from Gujarat was arrested for the 1.5 crore Rupee cryptocurrency fraud case in Kolkata.
The scam model simulated professional trading platforms and cryptocurrency wallets, promising returns of 10-25% within a few days.
The police discovered multiple bank accounts used for withdrawals and are expanding the investigation into the network.
How did Indian police arrest the suspect in the cryptocurrency investment fraud case?
The arrested individual is Harshik Mukeshbhai Patel, 26 years old, in Chandkheda, Gandhinagar district, Gujarat, who has been extradited to Kolkata by court order. The case originated from a complaint by Aurobinda Maji (34 years old, Kolkata) on September 15, 2023, for being defrauded of 1.5 crore Rupees in a fake investment.
The arrested individual operated on a simulated investment platform for cryptocurrency wallets and exchanges, mimicking a real interface to deceive inexperienced investors into virtual transactions.
A cybersecurity expert commented:
The fraudulent platform is becoming increasingly sophisticated, using a user-friendly interface simulating a cryptocurrency wallet, which deceives even those with little experience. Caution is needed, and thorough background checks of the platform should be conducted before investing.
Nguyen Van Nam – CyberSafe Security Director, 2024
How does the scam model operate, and what are its tactics?
Scams use multiple different bank accounts to receive money from investors, promising returns from 10% to 25% within a few days. Investors are encouraged to diversify their portfolio with various digital assets, causing funds to be scattered across many channels.
The police tracked at least 200,000 Rupees transferred to Patel's account at IDFC First Bank, withdrawn immediately after at an ATM. The investigation is expanding to uncover other accomplices.
What are the current statistics and trends of cryptocurrency scams in India?
Recent reports show that cryptocurrency-related scams are increasing in India. Another case involved a scam through WhatsApp that caused victims to lose around 1.67 crore Rupees (~200,000 USD), where the scammer impersonated a bride on a matrimonial site and lured investments.
This case took place from April 2023, when the victim was persuaded through impressively profitable small initial investments, then continuously sent money, showing a high level of impact and psychological influence.
Recent fraud cases have shown the sophistication in tactics and technology, requiring investors to be cautious and highly vigilant.
Bidhannagar Cyber Security Department, 2023
Frequently Asked Questions
How to identify a fake cryptocurrency investment site?
Fake sites often promise absurd profits, their interface closely resembles real ones but lacks licenses or certifications from reputable regulatory bodies.What do the police rely on to investigate cryptocurrency fraud cases?
They use bank transaction tracing, analyze BlockChain data, along with verified profiles of related accounts.What can victims of fraud do?
They should report immediately to the cybercrime police, cooperate in providing evidence, and cease transactions to minimize damage.How to invest in cryptocurrency more safely?
Only trade on reputable exchanges, use a cold wallet to store Private Keys, carefully check the project itself, and do not trust promises of unusually high returns.Does this case indicate a larger fraud network?
The police are conducting a deep investigation to uncover accomplices and the flow of money within a more complex network.
Source: https://tintucbitcoin.com/an-do-bat-nghi-pham-lua-tien-dien-tu/
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