Thursday, June 20, 2024
HomeLaw & Politics42-year-old man from Vejalpur Loses ₹30 Lakhs in crypto scam

42-year-old man from Vejalpur Loses ₹30 Lakhs in crypto scam

As cryptocurrency scams have been on the rise over the past few years, Indian citizens are increasingly finding themselves targeted by these fraud schemes. In a recent incident in Ahmedabad, Sandip Fadia, a 42-year-old resident of Vejalpur, fell victim to one such scam, suffering a loss of Rs 29.90 lakh. Fadia, who works as a manager at an electrical appliance showroom, was drawn into this deceptive plot by an individual named Priya Agrawal. Agrawal initiated contact with him via WhatsApp on October 15, 2023. Over a series of interactions, she introduced Fadia to the concept of investing in cryptocurrency, focusing specifically on USDT (US Dollar Tether).

Agrawal cunningly guided Fadia to invest in what was presented as a lucrative opportunity via three websites, collectively branded as “deuncoin.” Seduced by the promise of high returns, Fadia made his initial investment of Rs 1 lakh on October 26, 2023, and was quickly shown a profit of Rs 7,000 on the website, ostensibly validating the investment’s legitimacy. Between that initial investment and December 21, 2023, Fadia, believing in the profitability of his investments, cumulatively invested Rs 29.90 lakh.

The scam took a more ominous turn when Fadia was asked to pay an additional Rs 18.64 lakh under the guise of a tax payment. This demand unveiled the fraudulent nature of the scheme, prompting Fadia to approach the Cybercrime police for assistance. The police, upon receiving Fadia’s complaint, registered a case against an unidentified suspect, charging them with breach of trust, cheating, criminal conspiracy under the Indian Penal Code (IPC), and pertinent sections of the Information Technology Act. The investigation is actively underway to apprehend the orchestrator of this deceitful cryptocurrency investment fraud.

This incident is part of a worrying trend of cyber fraud in India, with the Cybercrime police also handling a similar case where a retired General Manager was duped of Rs 17 lakh in an online share trading scam. These instances underscore the escalating challenge of cyber fraud in India, leading to increased vigilance and collaborative efforts by the government and law enforcement agencies to curb these malicious activities.

The government has been proactive in rescuing citizens from cyber fraud schemes abroad and issuing advisories to educate the public on such scams. Additionally, recent arrests in Navi Mumbai, where two individuals were apprehended for deceiving a man out of Rs 45 lakh through a fake share trading app, highlight the ongoing battle against cybercriminals. These efforts are part of a broader strategy to prepare for and mitigate cybersecurity challenges in 2024, ensuring the safety of citizens in the digital age.



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