Cryptocurrency Fraud has been committed in Bengaluru of Rs. 2 Crore. The Police have registered an inquiry against such a group and released some guidelines for awaking the people.

 The victim in the police complaint said that the people who blamed having an acquaintance with the cryptocurrency lured the person to invest in cryptocurrency.

Highlighted facts

• The suspect which has been identified by the victim is said to have known the suspect since 2014.
• The exact amount of the victim’s investment in cryptocurrency has been revealed.
• The Police of Jayanagar has registered the case as a fraud case and registered the FIR.

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Crypto-related crimes have been increasing in the current decade and their roots are expanding continuously. Many countries including India and others are also making cryptocurrency a serious concern.

The crimes in numbers are increasing day by day and more recently a 30 year- old crypto investor from Bengaluru reportedly lost over Rs 2 crore in a scam. The victim Dhanraj used to live in Jayanagar, Bengaluru registered a complaint in Jayanagar police station. The complaint has been registered against Santosh TS for allegedly defrauding him. After the complaint, the police have also started their investigation.

  Both Dhanraj and Santosh knew to each other since 2014. In a bid to extract funds, the accused Santosh tried to lure the victim Dhanraj and said him to invest in multiple investment plans including cryptocurrency.

The amount that has been lost by Dhanraj is about 2.25 Crore in cryptocurrency and some other businesses via cash and online.

As of the moment, the exact amount was lost by Dhanraj in cryptocurrency is not known to anybody.

The case of cheating in Jayanagar police station has been registered against the victim.

Similarly in the year 2021, a Bengaluru man was created with the amount of 10 lakh related to a crypto fraud case.

The Additional Commissioner of Police (Crimes and SIT) Sikha Goel, in 2021 on December, of Hydrabad warned the crypto investors in India to strongly refrain any transferring assets to unknown, unauthorized Wallets.

 She also said “They scammers ask you to share your cryptocurrency detail. And once you put it into your wallet, then the money is taken away. If you are going to be using or investing in cryptocurrency, please go only with the reputed and long-established player in this field.”

India is still planning what rules should be imposed in the cryptocurrency space.

The government of India also has raised the issue in Parliament and formatted a bill to regularise the use of the crypto world in India.

More recently as per the Chainalysis websites, the scam related to cryptocurrency in India has reached about 10 million visits from India in cryptocurrency websites.

Read More: Crypto Scam Websites Registered 9.6 Million Visit From India in 2021: Report