Case cracked: Man gets back $43K (Rs 36 lakh) lost in crypto fraud. Here’s how
Cryptocurrency | Representative
A mobile store owner from Maharashtra's Thane district who lost Rs 36 lakh (US$43,953)in a cryptocurrency fraud more than a year ago has recovered all of his money after the police solved the case and found thata Chinese national was responsible for the wrongdoing.
The investigation in the case was conducted by the Mira Bhayandar-Vasai Virar (MBVV) police commissionerate's cyber cell, reported PTI.
As perSujitkumar Gunjkar, senior inspector of the MBVV cyber cell, the victim was luredinto cryptocurrency trading in February 2022 after he joined a WhatsApp group for cryptocurrency dealers.
The group administrator, a woman, contacted him and sought investmentin a cryptocurrency that promised lucrative returns.
“Falling prey to the tactics, the victim invested the money through a mobile app and bought cryptocurrency worth $39,596,” Gunjkartold PTI.
The WhatsApp group was shut down in May of last year, and the official said that despite several attempts, he was unable to get in touch with the group administrator.
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“The victim then realised that he has been cheated. After that, he approached the cyber police and lodged a complaint. A probe was launched and worked on various leads. During the process, the police came across OKX, a Seychelles-registered cryptocurrency exchange,” Gunjkar said.
How did the cops solve the case?
The cops discovered a suspicious bitcoin wallet while conducting their investigation. The wallet belonged to a Chinese citizen, the police learned after speaking with OKX, the senior inspector added. A cryptocurrency wallet, which can be hardware or software and come in many forms and sizes, allows users to store and access digital money.
A case under the Indian Penal Code (IPC) sections 420 (cheating) and 34 (common intention) was redistered at the Kashimira police station as aresult of the complaint and inquiry, the officer said. After gathering information about the offence and its implications, the cyber cell went to the local court. They informed the court that the victim's money was in the Chinese national's wallet and that the victim had been contacted by Hong Kong-based numbers, he said.
Also watch |US regulators crackdown on cryptocurrency exchanges
The court directed that the Rs 36 lakh (US$43,953)in cryptocurrencies be restored to the complainant after reviewing the arguments presented by the cyber cell. The money was thus found and returned to the victim a few days ago.
(With inputs from agencies)
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