- Crypto currency fraud case leads to arrest by Panjagutta police
- Crypto currency promise used to cheat Mehdipatnam businessman
Hyderabad: A crypto currency scam has come to light in the city, with a businessman losing Rs. 1 crore after being cheated by a gang. The Panjagutta police arrested one person in connection with the case. The accused allegedly promised crypto currency in exchange for Indian currency and later duped the victim. Therefore, the case has raised concerns about fraud linked to digital currency deals.
According to the police, the victim is a businessman from Mehdipatnam. The gang approached him with an offer to provide crypto currency worth Rs. 1 crore. They assured him that the transfer would take place immediately after receiving the cash. Meanwhile, they fixed a meeting at a hotel to complete the transaction. The police said the accused created trust by speaking confidently about the deal.
The accused reportedly told the businessman that they would take the cash, transfer the crypto currency, and then leave the hotel. However, after collecting the money, the promised transfer did not take place. Later, the businessman realized he had been cheated. He then turned off his phone and approached the Panjagutta police to report the matter. Therefore, the police registered a case and began an investigation.
During the probe, the police tracked the suspects involved in the crypto currency fraud. As part of the investigation, they arrested a man named Haimad. The police said further action would follow as the investigation continued. Meanwhile, officials stressed the need for caution in private crypto currency deals involving large sums of cash.
The case highlights how fraudsters are using promises of crypto currency to cheat unsuspecting victims. Also, police officials have advised people to avoid cash transactions based on verbal assurances. The Panjagutta police continue to investigate the role of others linked to the scam. The arrest marks a key step in the ongoing probe into the Rs. 1 crore crypto currency fraud.
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