Hyderabad: Youngsters lured with higher profits in crypto, duped of Rs 16 lakh

Hyderabad: Cryptocurrency is the current rage for many wannabe investors and that is where a group of friends, who pooled in Rs.16 lakh, lost their money. According to the police, one of the victims came in contact with a person on Facebook, who told him about investing in crypto currency trade and suggested him to […]

Hyderabad: Cryptocurrency is the current rage for many wannabe investors and that is where a group of friends, who pooled in Rs.16 lakh, lost their money.

According to the police, one of the victims came in contact with a person on Facebook, who told him about investing in crypto currency trade and suggested him to download an app. Believing him, the victim downloaded the app on his mobile phone and created an account.

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“Initially, he invested a few lakhs and received some money as profit. On being lured by the conmen, he told his friends about the same, and they too invested money. However, they realized the fraud only after failing to get the profits transferred into their bank accounts,” Cybercrime officials said.

Based on a complaint, the police have booked a case and are investigating.