Man loses 14 lakh in cryptocurrency fraud

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Thiruvananthapuram: In the first case registered over crypto-currency fraud in the rural part of the district, fraudsters swindled Rs 14 lakh from a 32-year-old man at Kadakkavoor by selling fake cryptocurrencies.
The Chekkalavilakam-based man was contacted by the accused explaining to him about the ways to become rich by investing in cryptocurrency.The accused then added him in a Telegram group where he met several people who became ‘rich’ after buying cryptocurrencies. However, all the profiles in the group were fake which he realised very late.
The accused then directed him to buy cryptocurrency from a site named Global India by transferring money from his account. The site was fake, and the complainant earned some attractive profits initially upon selling the cryptocurrencies, which he had bought. In fact, it was a tactic created by the accused to win his trust.
Later he invested more, and the site showed the profit he earned and there were potential buyers as well. However, after a certain point he did not get the profit and the accused then compelled him to invest more. The man invested Rs 14 lakh during various intervals, and he did not receive any profit. When the victim demanded his money back, the accused removed him from the Telegram group and site.
Soon he approached police with a complaint and a case was registered under sections of IPC 420 for cheating and 406 for criminal breach of trust and also under section 66 (D) of the Information Technology Act. “Four people, including women, are involved in the fraud and we have initiated a probe. More details of the crime will be known only later,” said police.

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