New form of scam: Bitcoin used as bait

The public is called upon to be more vigilant regarding scams around the use of cryptocurrency, also known as virtual currency or Bitcoin.

Abroad, several people have been fleeced by scammers who sold them fictitious cryptocurrencies. These scammers offer victims to invest by making them believe that they could buy/sell cryptocurrencies. But once the money is credited to the crooks’ account, no cryptocurrency in sight.

A 20-year-old, who works as an analyst for a private firm, took a statement to the Abercrombie police station on Monday April 25. He said that in the month of February 2022, he met a certain Mr. Alena on Instagram. He invited him to invest in cryptocurrency.

In the month of April 2022, he invested a sum of sixty dollars, following which he received an amount of eighty-one thousand rupees in his bank account. Believing that he had found a trusted friend and got his hands on a golden egg hen, the declarant continued the transactions with said Mr. Alena by buying Bitcoins on Binance (electronic wallet). From April 7 to 22, 2022, he noticed that he received 42 deposits of different amounts from various people in his account, for a total sum of Rs 1,088,146. He does not know any of the people who deposited money in his bank account. Fearing that he was tricked and that his account was hacked, he stopped all bitcoin transactions. The case will be sent to the police cybercrime unit for investigation.


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