Cyber cheats duped a Railway Protection Force (RPF) inspector from Prayagraj of ₹57 lakh After luring him to invest in the name of online trading, police said.
The cyber thugs later converted the amount into cryptocurrency and transferred it abroad, police said.
RPF Inspector Akhilesh Kumar Tiwari said he lodged an FIR in this connection with the cyber police station on May 22.
After the registration of the FIR, the police managed to freeze ₹15 lakh, but the rest of the amount could not be traced. “That is because the rest of the amount had been converted into cryptocurrency by then and tracing this currency is tough,” a police official said.
Tiwari told the police that he found a link to a stock trading investment plan that promised good returns. He said he found the link while scrolling reels on Instagram and after which he then started investing in online business.
He said he bought and sold many stocks and initial public offerings (IPOs) believing that his investments would increase five to six times.
He said he deposited a total of ₹57.55 lakh in the accounts of different cyber cheats in phases but while withdrawing the amount, he found that withdrawals were blocked.
{{/usCountry}}He said he deposited a total of ₹57.55 lakh in the accounts of different cyber cheats in phases but while withdrawing the amount, he found that withdrawals were blocked.
{{/usCountry}}After FIR and subsequent investigations, the police froze ₹15 lakh deposited in various bank accounts by the victim, but the rest of the amount had been converted into cryptocurrency and transferred elsewhere, police said.
Police suspect that cryptocurrency was used to make payments to cybercriminal operating from foreign land.
“Further probe in the case is underway and we are trying to trace the cyber frauds involved in the crime,” said Prayagraj cyber police station in-charge inspector Rajeev Tiwari.