Man duped of Rs 21.9 lakh in Bitcoin fraud in Thane district

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A 33-year-old man from Dombivli in Maharashtra's Thane district has reportedly fallen victim to cyber fraud, losing ₹21.9 lakh in a fraudulent Bitcoin investment scheme, according to PTI reports.

The complainant, whose identity remains undisclosed, was contacted via an international phone number. The caller, posing as a representative of a lucrative trading platform, persuaded him to invest in Bitcoin, claiming substantial returns, a police official revealed.

The victim began transferring money on November 8 and continued to do so until December 3, trusting the false assurances provided by the fraudsters. In total, he made transactions amounting to ₹21.9 lakh during this period.

However, when the victim attempted to withdraw his supposed earnings or sought updates on his investments, the fraudsters stopped responding to his calls and messages. It was only then that he realised he had been duped, as per PTI.

Following the incident, the man lodged a formal complaint with the local police. The authorities have since registered a case under relevant sections of the Information Technology Act.

A police official confirmed that an investigation into the matter is currently underway, with efforts being made to trace the origin of the fraudulent calls and identify the individuals or syndicates responsible for the scam.

This case highlights the growing prevalence of cyber fraud involving cryptocurrency investments, where unsuspecting individuals are lured with the promise of high returns. According to PTI, police officials have issued repeated advisories urging the public to exercise caution and verify the legitimacy of any investment platforms before making transactions.

Cryptocurrency-related frauds have surged in recent years, with fraudsters often exploiting the lack of regulatory oversight and the complexity of digital currencies to deceive individuals. Victims are frequently targeted through social engineering tactics, including cold calls, phishing emails, or fake online platforms.

As per PTI reports, the Thane police have reminded residents to remain vigilant and report any suspicious activity promptly. They also encouraged people to seek advice from credible financial advisors and to avoid transferring funds to unknown parties, particularly in international dealings.

The investigation into the case is ongoing, and further details are awaited.

(With inputs from PTI)