Rs 15-crore crypto fraud, 3 continents, and a lost fortune
The Indian Express · Sreenivas Janyala ·
According to the police, the victim was allegedly induced to invest in cryptocurrency on the promise of high returns and cheated of Rs 15 crore. A case was registered at the CID police station in Mangalagiri last October on a complaint by the Tenali-based victim.
Thirteen digital wallets, two fraudulent platforms and a trail spanning at least five countries in three continents — that’s how the Andhra Pradesh Crime Investigation Department (CID) claims to have cracked a transnational cryptocurrency investment fraud involving approximately USD 1.5 million (Rs 15 crore).
Following its investigation and identification of the accused, a court has directed a cryptocurrency company to convert the identified assets into USDT, a cryptocurrency stablecoin pegged to the US dollar, and transfer the amount to the Andhra Pradesh-based victim, the CID said.
According to the police, the victim was allegedly induced to invest in cryptocurrency on the promise of high returns and cheated of Rs 15 crore. A case was registered at the CID police station in Mangalagiri last October on a complaint by the Tenali-based victim.
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