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Crypto Crooks Take Even Techies For Ride


crypdesk.live 09 May 2022 02:22, UTC
Reading time: ~2 m

Hyderabad: Fraudsters are duping businessmen and IT professionals alike by luring them to invest in crypto trading via custom-made apps. While some techies lost amounts ranging between 7.5 lakh and 9.5 lakh, a businessman lost 80 lakh. Police are yet to identify the accused.

A businessman, A Mahesh from Srinagar Colony, lost 80 lakh to fraudsters who operated a fake website imitating the name of Tron crypto currency. The fraudsters assured that Mahesh could withdraw every day 2% of his investment. Mahesh was told to purchase the Tron crypto through a crypto exchange and handover the same to the fraudsters for investment through their website (fake). “When I invested small amounts, withdrawal was allowed. When the amount became higher, they blocked the withdrawal,” he alleged. After Mahesh borrowed from his friends and invested 80 lakh, the investors stopped communicating with him and the webpage link became defunct. Mahesh lodged a police complaint in April.
Similarly, the phone number of a software engineer from KPHB Colony, TVS Kumar, was added to a Bitcoin trading community group on a social networking platform by an unknown person in March 2022. As the administrators of the group claimed that they were members of a crypto trading company and showed profit for the recommended trading in some sessions, Kumar purchased USDT cryptocurrency through an exchange and transferred the same to a website maintained by the fraudsters as per their instructions. The website kept on showing that the investments of Kumar gained good profits but he was not granted permission to withdraw the amount saying that he was supposed to pay commission and tax. Even after Kumar paid tax, the withdrawal was not permitted.
There are several such victims and surprisingly most of them are techies. “We suspect that Nigerian gangs are involved in commission of crypto currency investment frauds. We are gathering information about the fake site operated by the fraudster,” ACP KVM Prasad said.

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