Fraud: Man Loses Rs 80 Lakh in Crypto Fraud in Hyderabad

Fraudsters who allegedly operated a fake cryptocurrency exchange defrauded a businessman from the city of Rs 80 lakh.

On Monday, Mahesh age 39 from Sri Nagar Colony filed a complaint with Hyderabad’s cyber crime investigators, alleging that he paid Rs 80 lakh in a crypto exchange whose URL terminated in an extension ‘.ac.sh’ between December 2021 and April 2022.

Mahesh said cops he learned about the cryptocurrency exchange from a buddy. “Mahesh received Rs 1 lakh in a short period of time after an initial investment of around Rs 30,000. Mahesh continued to invest lakhs of rupees as his virtual wallet in the crypto exchange site, which continued to show good earnings on his investments,” according to ACP KVM Prasad.

When Mahesh attempted to withdraw money recently, he discovered the deception. “He couldn’t get the money out of the wallet, and when he phoned the thieves, they demanded Rs 35 lakh to unlock the wallet. He refused to pay, and the URL became inactive as a result. Mahesh filed a complaint with us once he realized he had been deceived,” Prasad added.

Mahesh admitted to cops that he invested in crypto money with the con artists who ran the fake exchange. The anonymous fraudsters were charged under sections 66-C and 66-D of the Information Technology Act, as well as sections 419 and 420 of the Indian Penal Code.

Source: Times of India