In a startling revelation, the Hyderabad police have unearthed a massive cryptowallet investment fraud amounting to a staggering Rs 712 crore. The elaborate scam involved Chinese operators, and as a result, nine individuals have been arrested from various locations across the country.
The investigation was initiated based on a complaint filed by a Hyderabad resident who fell victim to the fraudulent scheme. He was offered a part-time job through a messaging app, where he was asked to rate and review certain tasks. Believing it to be a legitimate opportunity, he registered on their website.
Initially, the victim was asked to invest a small amount of Rs 1,000 and was rewarded with a profit of Rs 866 for providing a five-star rating. Encouraged by the initial gains, he continued investing more substantial sums. However, when he attempted to withdraw his profits, he faced obstacles and was eventually left with a staggering loss of Rs 28 lakh.
Upon delving into the scam, the police traced the flow of money from the victim to six accounts. From there, the funds were routed to various Indian bank accounts before finding their way to Dubai, where the fraudulent money was used to purchase cryptocurrency.
During the investigation, it came to light that one of the arrested individuals, a resident of Ahmedabad, was associated with Chinese citizens. He played a key role by sharing information on Indian bank accounts and provided the necessary access for operating these accounts from Dubai and China through remote access apps.
Furthermore, the police discovered that the arrested individual had shared over 65 accounts with Chinese citizens, resulting in transactions worth a staggering Rs 128 crore. In addition to this, the fraudsters converted the fraudulent money into United States Department of Treasury (USDT) cryptocurrency, amounting to a whopping Rs 584 crore.
The scale of the cryptowallet investment fraud has raised serious concerns and sent shockwaves throughout the country. Authorities are emphasizing the need for increased vigilance and caution in the cryptocurrency market to prevent such fraudulent schemes. The swift action taken by the police and the arrests made signify a significant step towards bringing the perpetrators to justice. As investigations continue, it is crucial for citizens to remain aware and cautious to protect themselves from falling victim to such scams in the future.
