Vazhakala couple loses Rs 45 lakh in cryptocurrency investment fraud
As cryptocurrency trading is a complex matter, the police have decided to seek expert help and suspect the involvement of an international racket in the crime.
KOCHI: Despite numerous warnings by police against increasing online cryptocurrency fraud incidents, it seems people are yet to listen. Recently, a couple staying in Vazhakala lost Rs 45 lakh after investing in cryptocurrency trading.
Following a complaint, Kochi Cyber Police started a probe into the incident. According to police, the couple received messages via the Telegram app about attractive profits from investing in cryptocurrencies in May. A person named Carolin was sending messages explaining to them about cryptocurrency trading and the ways to earn high profits from it.
“Initially, they invested a small amount and received a profit on their investment. This encouraged the couple to invest more in trading. Around Rs 45 lakh was converted into cryptocurrency.
The cryptocurrencies were transferred to the wallet of the accused persons for trading and thereby earning profit. However, after June, there was no response from the part of the accused person,” a police official said.
As cryptocurrency trading is a complex matter, the police have decided to seek expert help. The police suspect the involvement of an international racket in the crime.