Telangana Cyber Bureau recovers Rs 2.38 lakh in crypto fraud case

The Telangana Cyber Security Bureau (TGCSB) recovered 2,703 USDT worth Rs 2.38 lakh in a cryptocurrency fraud case. A Hyderabad techie was duped of Rs 87.58 lakh after being lured by a woman into investing in fake crypto schemes

Hyderabad: The Telangana Cyber Security Bureau (TGCSB) successfully recovered crypto-assets worth 2,703 USDT (approximately Rs 2.38 lakh) from the wallet of a suspect in a cyber fraud case.

According to the police, an associate manager at a software company lodged a complaint stating that he had been duped of Rs 87.58 lakh on the pretext of high profits in cryptocurrency trading, which included the 2,703 USDT.

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In January, he befriended a woman who lured him into investing in cryptocurrency. Convinced by promises of high returns, he initially invested a small amount. After receiving some profit, he went on to transfer several lakhs of rupees to the bank accounts and crypto wallets provided by her.

When the victim realised he was being cheated, he approached the police. TGCSB registered a case and began investigation.

“The TGCSB, with the help of a crypto investigator, tracked the fund trail and found that the USDT was transferred to a Chinese national. A court order was then obtained, directing the platform to refund the 2,703 USDT to the victim’s wallet. The entire amount was transferred to the TGCSB wallet and will be credited to the victim after necessary court orders,” said Shikha Goel, Director, TGCSB.