Devanjana Mukherjee, Khabri Media
While this case represents a victory against one fraudulent operation, it also underscores the ongoing need for vigilance and education in the cryptocurrency space.
Pic: Social Media
In a recent and significant development in the world of cryptocurrency, the Cyber Police have taken swift action against a major cryptocurrency fraud operation. Bank accounts worth a staggering Rs 32.66 crore were frozen, sending shockwaves through the cryptocurrency community in India.
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Their recent operation came as a culmination of months of investigation into a massive fraud scheme. The scammers had targeted unsuspecting victims by promising incredible returns on their cryptocurrency investments.
The man stated in the complaint that a woman caller befriended him and later asked him to invest in cryptocurrency trading while assuring good returns. As the complainant started investing large amounts, he received a total of Rs 75 lakh in returns on various occasions but later stopped getting the same.
Pic: Social Media
Senior police inspector Gajanan Kadam of the cyber police station in Navi Mumbai said that they received a cheating complaint in August from a man who claimed to have invested more than Rs 6.6 crore in cryptocurrency trading.
A police probe team enquired with various banks where the money was paid by the complainant and as a first step, got accounts involving amounts worth Rs 32,66,12,091 frozen over the last few weeks. The probe team in the last week of September zeroed in on two persons from Ghatkopar in neighboring Mumbai and later arrested them.
The cryptocurrency landscape is still relatively unregulated in many parts of the world, which presents challenges for law enforcement agencies. As the popularity of cryptocurrencies continues to grow, governments and regulatory bodies face the task of creating a framework.
