Hyderabad: A businessman in Mehdipatanam on Thursday allegedly lost Rs 1 crore after being asked to invest in crypto currency by fraudsters.
The police said that the victim was added to a WhatsApp group comprising people interested in crypto currency investment. After skimming through the conversation in the group, the victim dialed a contact number posted in the group, allegedly belonging to an investment firm.
Upon contacting the given number, a person posing as an executive asked the victim to download two apps for trading. The businessman followed the instructions and downloaded the apps. He began making small investments, earning profits in the early stages.
In an attempt to increase gains, the victim invested Rs 1 crore in crypto currency and direct payments over a period of time. After a while, the victim was unable withdraw the money realizing that he had been cheated. The police registered a case and the investigation is underway.
Follow on Twitter | Posted by Mohammed Baleegh | 
