Hyderabad: Man duped of Rs 1 crore in crypto fraud

Hyderabad: A businessman from Mehdipatnam in the city lost Rs.1 crore to cyber fraudsters who conned him into making investments in cryptocurrency trade. According to the police, the victim noticed that his mobile number was added to a WhatsApp group that had several people who are reportedly dealing in cryptocurrency and making huge profits. After […]

Hyderabad: A businessman from Mehdipatnam in the city lost Rs.1 crore to cyber fraudsters who conned him into making investments in cryptocurrency trade.

According to the police, the victim noticed that his mobile number was added to a WhatsApp group that had several people who are reportedly dealing in cryptocurrency and making huge profits. After going through the group conversations, the victim got in touch with a contact number posted in the group purportedly belonging to an investment firm.

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The executives asked him to download two mobile apps for trading.

“After downloading the app, he did initial investments of small sums and earned profits. Lured by the profits, he invested around Rs.1 crore in the form of cryptocurrency and through direct payment over a period of time,” a cybercrime police official said, adding that however, he was unable to withdraw the money and realising that he got duped, approached the Hyderabad Cybercrime police.

A case was registered and investigation is on.