Crypto fraud: 40 people duped in Warangal

Warangal: In a first of its kind of cyber frauds in the name of investment into the cryptocurrency, near 40 people, mainly youth, were reportedly cheated in lakhs of rupees in Narsampet area in the district recently.

The fraud came to light on Wednesday as a victim named Kathi Raju of Laknepally approached the police and complained that he had ‘invested’ Rs 1.70 lakh as he was ‘lured’ by one Pallati Naveen of Pamunoor village of Jangaon district who promised that he would get Rs 13,500 every week in return for several years.

“But the victim was paid for just three months. Later, he phoned the person to get the money but in vain. Since the accused, Naveen’s parents-in-law are from Laknepally village, which is adjacent to Narsampet town on Warangal-Narsampet highway, many people had fallen prey to this online fraud. We can’t say it is a clear case of investments into cryptocurrency. It is a scheme based on the pyramid structure where the investor gets the commission if people under him join new members,” said a senior police official to Telangana Today.

It is said that Narsampet police had received a complaint from the victim and registered the case before handing over it to the cybercrime cell at the Warangal Police Commissionerate in Hanamkonda.

According to preliminary estimations, there are about 40 victims of this case, police said. But sources said that nearly 400 people had paid money online in the name of investments into cryptocurrency. The victims have made a beeline to the police station on Wednesday evening. Meanwhile, the police are not able to explain the method of cheating by online fraudsters. On other hand, one such case of online fraud has also come to light under Mamnoor ACP circle jurisdiction. Both the cases are under investigation, and the number of the victims may rise in these cases, police sources added.

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