Bitcoin Fraud: Cyber police receives first cryptocurrency cheating case

Aurangabad, Dec 1:

A city-based trader has been duped of 24 Bitcoins by an international criminal, recently. According to the complaint received by the Cyber Cell, the trader was assured of good profits against the investment. The value of one Bitcoin is more than Rs 13 lakh in the international market. As a result, the figure of cheating is more than Rs 3 crore, stressed the sources.

The trader is involved in the trading of cryptocurrency (Bitcoin) since 2018. The transaction takes place through an online app. The economy of many countries had collapsed due to Coronavirus. As a result, the trader had invested more in the Bitcoins.

According to sources, one international level trader contacted the local trader through Telegram Crypto Channel and prompted him for investment. He assured of getting good profits or more Bitcoins against the investment. The local trader believed him, as previously he had made an investment through him and had also got good returns as was assured to him. Entrusting the international cheater, the local trader transferred 24 Bitcoin currency into his account.

However, when neither the profits nor the extra Bitcoins were deposited in the account in return, the local trader started contacting the cheater, who always gave him evasive replies. Sensing of being cheated, the local trader contacted the Cyber Cell office, situated at the police commissionerate and submitted his grievance. The cops at the cell told him to produce the transaction documents and bank statements, it is learnt.

According to sources, the value of one Bitcoin is more than Rs 13 lakh in the international market. In this business, the investor has the facility to invest by buying a unit of Bitcoin. The transaction of cryptocurrency takes totally through online, and the entry is strictly to the account-holders on the digital wallet.

Meanwhile, it is the first cryptocurrency cheating case received by the police. The cyber cell had received the plaint 3-4 days ago. Hence the police have launched a study to understand the business network and how it works. The offence has not yet registered in this regard.

According to experts, if the offence is registered, the help of the international investigation agency could be demanded from the national level platform to crack the Bitcoin cheating case.