Vijayawada: A real estate broker has been defrauded of approximately Rs 1.4 crore in a sophisticated cyber fraud case involving cryptocurrency investments. The crime was orchestrated by an international fraud network that operated through social media platforms and fake crypto transactions, police said.
How the Fraud Unfolded
The victim initially connected with a man on social media who posed as a stock market and investment expert. The fraudster promised substantial returns through cryptocurrency trading and gradually gained the victim's trust by showcasing fabricated profits and investment success stories over numerous conversations.
Later, a woman joined the scheme and further persuaded the broker to invest in cryptocurrency. She detailed various 'high-return' investment opportunities and guided him to open a digital wallet on the MetaMask platform. To make the scheme appear legitimate, the fraudsters transferred fake crypto tokens into the victim's wallet, creating the illusion that his investment was already generating profits.
Escalation of the Scam
As the victim's confidence grew, a third individual entered the operation and provided two bank account numbers for transferring the investment amount. Believing the scheme was genuine, the Vijayawada resident transferred Rs 90 lakh in the first instalment and an additional Rs 50 lakh later.
However, after receiving the money, the fraudsters stopped responding to his calls and messages. When the victim repeatedly demanded returns, they allegedly sent fake Bitcoins and continued to mislead him for some time. Realizing he had fallen victim to a well-planned cyber fraud, the broker approached the police.
Investigation and International Links
During the investigation, officials discovered that one of the phone numbers used in the scam originated from the United Kingdom. Police also found that the woman allegedly involved in the crime had left the country. After registering a case, cyber crime police are now investigating the international links behind the fraud network.
Police once again warned the public against blindly trusting online investment schemes that promise unusually high profits. They urged citizens to verify the authenticity of such offers and report suspicious activities to the authorities.
