Man loses Rs 8 lakhs due to cybercrime

Hyderabad: The cryptocurrency fraudsters pocketed Rs.8 lakhs by tricking a gullible man from Amberpet.

According to the details given by the Cyber Crime Branch of Hyderabad, the duped man got a message from an unknown person asking him whether he is interested in the bitcoin trade. Huge profits were promised in the message and when the man showed interest he was sent a link and asked to download an app.

The man downloaded the app and registered himself with the fraudsters’ company and paid Rs 8 lakhs as an investment.

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The man got suspicious when he did not get profits as promised and he approached the police.

According to the police, the fraudsters have switched off their mobile phones. The police have registered a case and trying to trace them.

Bitcoin is a virtual currency that came into existence in the aftermath of the financial crisis. This currency allows people to avoid banks and traditional payment processes to pay for goods and services.

Banks and other financial institutions are worried about bitcoin’s early association with money laundering and online crime.

Widespread frauds are prevailing across the country luring the gullible people of huge profits.

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