Fraudsters cash in on Bitcoin buzz

Gangs create WhatsApp groups or directly contact victims through WhatsApp numbers beginning with ‘+44’ and lure them to invest in crypto-currency business

Hyderabad: With Bitcoin turning out to be the new gold, cyber crooks too are using the crypto-currency to cheat people.

The situation, which has prompted the Cybercrime wing to issue advisories asking people to be wary of Bitcoin fraudsters, saw three cases reported in the city in the last one week, with people losing over Rs 60 lakh.

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The gangs, according to Hyderabad Cybercrime officials, were creating WhatsApp groups or directly contacting the victims through WhatsApp numbers beginning with ‘+44’ and luring them to invest in the crypto-currency business.

“They are randomly picking mobile phone numbers after checking if they are active or not either by dialing the number or monitoring the WhatsApp online status. After adding the number in the group, they send messages promising huge profits from Bitcoin trade,” ACP (Cybercrime) KVM Prasad said.

“The victims are initially shown as making profits and later are asked to transfer the profit or bitcoins they purchased into another wallet. Once the crypto-currency is transferred into the second wallet created by the fraudsters, they don’t return the profit and force him/her to continue investing more money promising higher profits,” he said.

The three victims in the city were duped of sums ranging from Rs 8 lakh to Rs 43 lakh. The victims are educated businessmen, software professionals and even students who borrowed money in the hope of getting good returns.

People should check WhatsApp settings and block anyone from adding them to groups without permission, the ACP added.

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