KOCHI: Enticed by the lure of high returns, a 59-year-old Kakkanad man ended up losing Rs 11.34 lakh to fraudsters in a cryptocurrency fraud. The Thrikkakara police have registered a case and launched a probe.
The police said the fraud took place in March when the victim was contacted by individuals claiming to represent cryptocurrency trading platforms Binance and Llybit.
The fraudsters reached out to the victim via social media in March and promised lucrative returns on investments in cryptocurrency. They also assured full assistance in managing the trading process.
“Believing them, the victim agreed to invest. He was sent two links on WhatsApp, which he used to install trading apps on his phone,” an officer said. Unaware the apps were fake, the victim began trading in bogus cryptocurrency through the platforms. The apps falsely displayed high returns, encouraging him to invest more. Over the months, he transferred over Rs 11 lakh to the accounts shared by the fraudsters.
The scam came to light when the victim attempted to withdraw the “profits”. Despite multiple attempts, neither the returns nor the invested amount could be recovered. His efforts to contact the operators also failed. Realising the fraud, the victim approached the police. Police are now tracking the bank accounts to which the funds were transferred.