In a shocking case of cybercrime in Mysuru, a resident of Saraswathipuram has fallen victim to one of the biggest cryptocurrency scams reported in the city. The victim lost a staggering Rs 2.9 crore in this elaborate scam. This article delves into the details of the incident, how it unfolded, and the broader implications of such scams in the region.
The Scam Unfolds
The trouble began in January when an unknown individual contacted the victim via WhatsApp. This person presented themselves as an expert in cryptocurrency trading, promising substantial profits and seemingly easy returns. Trusting these assurances, the victim decided to follow the advice given by the scammer.
Investment and Realization
Following the scammer’s instructions, the victim started investing in cryptocurrency through an app recommended by the caller. This app appeared legitimate, and the victim continued to pour money into it, expecting the promised high returns. The investments continued until the second week of June, when the victim realized that something was amiss. By then, a total of Rs 2.9 crore had been transferred from the victim’s personal bank account into what turned out to be a fake trading account.
Legal Action and Police Investigation
Once the victim discovered the scam, they promptly filed a complaint with the police. The case has been registered under sections 419 (cheating by personation) and 420 (cheating) of the Indian Penal Code (IPC). The Cyber Economic and Narcotics (CEN) crime police in Mysuru are now investigating the case.
The police have noted a sharp increase in trading scams in the city over recent months. They have been actively cautioning the public against engaging in any financial transactions or sharing personal details with strangers, especially those who approach them online.
The Rise of Trading Scams
This incident is part of a worrying trend in Mysuru, where cybercriminals are increasingly targeting individuals through sophisticated online scams. The allure of quick profits and the complexity of cryptocurrency trading make it an attractive area for fraudsters to exploit.
Protecting Against Cyber Scams
The police have offered several tips to help the public protect themselves from such scams:
1. Verify Sources: Always verify the identity of individuals offering investment advice, especially if contacted through informal channels like WhatsApp.
2. Use Trusted Platforms: Only invest through well-known and trusted platforms. Avoid using apps or websites recommended by unknown individuals.
3. Be Skeptical of High Returns: Be wary of promises of high returns with little or no risk. If it sounds too good to be true, it probably is.
4. Avoid Sharing Personal Information: Never share personal details or financial information with strangers online.
5. Report Suspicious Activity: Report any suspicious approaches or activity to the police immediately.
Conclusion
The loss of Rs 2.9 crore in this cryptocurrency scam is a stark reminder of the risks associated with online investments and the need for vigilance. As cybercriminals become more sophisticated, it is crucial for individuals to remain cautious and informed to protect their assets. The authorities in Mysuru are working diligently to track down the perpetrators and prevent further such incidents.
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