The Indian police have arrested a man on charges of defrauding traders by promising them to double their money in cryptocurrency and taking away Rs. 1.5 crore, comparable to approximately 180,000USD.
The 26-year-old suspect, Harshik Mukeshbhai Patel, was arrested in Gujarat and escorted to Kolkata by court order.
Victim Lured with Fake Investment Promises
This is a complaint case filed by 34-year-old Aurobinda Maji of Kolkata. He said that he fell victim to a fraudulent cryptocurrency platform that promised huge profits. The site appeared genuine and provided people with digital wallets where they could place their funds. Victims felt that their investments had increased because of false profit notifications.
The platform promised profits between 10 and 25 percent within a short duration, which prompted investors to invest further cash in the scheme. Customers were recommended to diversify their investments in different digital assets. This action enabled the scammers to dictate how the money should enter and stay invested with them, even in the case of losses.
Scam Operated Through Multiple Bank Channels
According to the investigators, these scammers opened multiple accounts at various banks to drain money out of the victims. Police were able to trace about Rs. 2 lakh, almost 2400 dollars, to a bank account of Patel, which was with IDFC First Bank. It transferred the funds to Layer 2 and pulled the funds out of an ATM a few minutes later.
The web portal looked professional, like a real trading and wallet site. It deceived users with bogus promises and swift profits. Information contained in his bank account made his arrest inevitable, as Patel was found at his base in Chandkheda, Gandhinagar.
Police Suspect Larger Network Behind the Fraud
The police of Bidhannagar believe that Patel may be part of a larger fraud organization. They are going through digital records and other items seized from the suspect and trying to identify other individuals who engage in such scams. The case is still not closed, and additional arrests are anticipated as well.
In another recent case, a different victim was conned of Rs. 1.67 crore, roughly 200,000, through WhatsApp. The fraudster acted as a marriage prospect and said she worked with an investment institution in Singapore that dealt with cryptocurrencies. The victim initially gained some profits, which resulted in more investments and finally huge losses.
Law enforcement agencies are alerting the population to the increasing number of cyber crimes in India. The police urge individuals to check investment sites before sending money or signing deals in cyberspace.
The post Crypto Investment Scam: Indian Police Arrest Man for Rs 1.5 Crore Fraud first appeared on Coinfea.