In the city of Vizag, five investors became the victim of crores of crypto fraud
Local Cyber Polic suspects that 100s of investors have lost crores of funds in crypto frauds
Define the current situation of cryptocurrency markets. When the markets are undergoing severe bearish sentiment, negative news about different aspects of crypto is coming every day. One such news is coming from the city of Vizag, Andhra Pradesh, India, where around five teenagers became the victim of crores of crypto frauds.
According to the sources, the authorities came to know about it only after the teenagers were scammed. One of the victims reached out to the cyber crime police and informed them about how things unfolded. As per the reports filed by the first victim, he received a bait to invest in cryptocurrencies with assured returns via a WhatsApp message from a number starting from +472.
As with any other financial scam, the victim gained some profits initially and trusted the scammers who were pretending to be expert crypto analysts. The victim invested somewhere around $11,64,318 (Rs 9.6 crore) but after a month when he tried to withdraw the money, he was unable to do so.
In another case, the victim invested over 50 lakhs INR into the scam which turned into 2.5 crores within weeks. However, none of those funds could be withdrawn. Apart from these two cases that are mentioned, 2-3 more cases were reported to the cyber crime police and local police of Vizag. The inspector of Cybercrime Police Station Vizag, K Bhavani Prasad said,
“Cyber crooks are becoming increasingly tech-savvy and coming up with new means for duping people in Vizag city. As per our suspicion, over 100 people have lost crores of their rupees to crypto/Bitcoin frauds in the past few months, but very few victims have approached the police.”
The police have warned the users of cryptocurrencies to not fall into the trap of greed and that they should always think multiple times before investing under any scheme.
CoinGabbar wants to inform our readers about all the security procedures that you should follow while investing in cryptocurrencies. To know about the things that you should keep in mind read this blog.
