Pune businessman falls prey to Bitcoin fraud, loses ₹23.24 lakh

Police said, the victim initially got decent profit which encouraged him to pump more money into Bitcoin investment scheme

PUNE A city-based businessman was tricked into investing in a Bitcoin trading scheme and lost ₹23.24 lakh, said police. The incident took place between April 9 to April 11.

A case has been registered at Chandan Nagar police station under sections 409, 419, 420 and 34 of the Indian Penal Code (IPC) and other relevant sections of the Information Technology Act. (REPRESENTATIVE PIC)

According to the police, a 45-year-old businessman from Kharadi area in Pune received a message from an unknown person claiming to be a Bitcoin trader and offered him a part-time job offer. Further, the accused offered him an investment opportunity in Bitcoin. The accused allegedly promised the businessman high returns on his investment within a short period of time.

Police said, the victim initially got decent profit which encouraged him to pump more money into Bitcoin investment scheme. Between April 9 to April 11, the victim transferred ₹23.24 lakh into various bank accounts of the accused as instructed. However, instead of returns on investment, the accused demanded more than ₹12 lakh.

Realizing that he had fallen victim to a scam, the businessman lodged a complaint with the Chandan Nagar police station on April 21.

Rameshwar Ravale, investigation officer, said, “We have registered a case of cheating against an unknown person and further investigating the case.”

A case has been registered at Chandan Nagar police station under sections 409, 419, 420 and 34 of the Indian Penal Code (IPC) and other relevant sections of the Information Technology Act.