Mumbai man duped of 1.57 crore in cryptocurrency mining fraud

Complainant invested more and more money on the accused's instructions as he saw profit credited to his virtual wallet.
SoBo resident loses over <span class='webrupee'>₹</span>1.57 cr to crypto mining fraud
SoBo resident loses over 1.57 cr to crypto mining fraud
Updated on May 28, 2022 07:25 PM IST
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ByVijay Kumar Yadav

Mumbai: A 36-year-old Malabar Hill resident has been duped of 1.57 crore in fraudulent cryptocurrency investment. The accused used a fake website to trap him in the investment scheme. Malabar Hill police have registered a case.

In October 2021, the complainant, a resident of Nepean Sea Road, Malabar Hill befriended the accused over the internet. After a few days, the accused started messaging him about crypto mining.

“The accused informed the complainant that he can make huge money by investing in machinery for mining of cryptocurrency through the website ‘USD Miner.’” 

The accused also informed him about multiple schemes to avail the profit. The complainant liked the scheme and decided to invest money. Since October 2021 the complainant invested 2.83 lakh Australian dollars (equivalent to 1.53 crore),” said a police officer.

The complainant kept on investing more and more money on the instructions of the accused person as he was seeing profit being credited to his virtual wallet. But whenever he tried to withdraw from the wallet, the accused would discourage him from doing so, in order to ensure that the fraud lasted longer, the officer added.

Early this month, the complainant suspected some foul play, as the accused was repeatedly trying to dissuade him from withdrawing money. Smelling a rat, the complainant asked the accused for a full refund of his money but thereafter found that the accused had switched off his phone.

The complainant then made an inquiry about the website and discovered that it was a fake one. He then approached the police and lodged a complaint. Acting on his complaint, we have registered an FIR on Thursday against an unidentified person under relevant sections of IPC and IT Act, said inspector Mangesh Mohod of Malabar hill police station.

Police have written to the service provider and concerned bank, seeking more details of the bogus website and the beneficiary bank accounts in which fraudulently obtained money was transferred.

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