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Hyderabad Businessman Duped of INR 73L in Crypto Scam

The fraudsters contacted the businessman on Telegram messaging application.

A Hyderabad based businessman has been conned out of INR 73 lakhs by cyber fraudsters posing as a crypto investment service provider.

According to the police, the man, a resident of Kavadiguda, received a message on the Telegram messaging application to join a group, reported The Hans India.

After that, he began receiving messages about crypto investments.

Lured by the high returns over investment, he contacted the fraudsters who asked him to download an application from Google Play Store.

The victim created an account on the application and transferred around INR 73 lakh over a period of 20 days to the bank accounts of the conmen, as directed.

After a while, the perpetrators told him his profits were around INR 30 crore and asked him into investing more money.

When the victim asked for profits, the conmen stopped responding to the messages and fled.

Finally, upon realizing he has been duped, the victim approached the police.

Since crypto is unregulated many people are misusing the regulatory uncertainty. The volatility of these digital assets attracts many people whose greed for quick money takes over logic. A due diligence of any financial offering is recommended before investing money.

News recommendation: Biden Signs Executive Order on Ensuring Responsible Innovation in Crypto

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