Introduction

The Mysuru city police have successfully assisted a techie in recovering ₹12 lakh that he had invested in a fake cryptocurrency scam. The victim, who is an ex-employee of a software company, fell prey to the scam after receiving an invitation on a social media messaging group.

Details of the Scam

• The victim invested ₹16 lakh in the shady cryptocurrency investment scheme.
• A complaint was registered on September 8 after he had transferred the money to about 15 different accounts.
• The police promptly froze the bank accounts to which the money had been transferred.
• The process of returning ₹12 lakh to the victim is currently underway.

Immediate Action

The victim’s quick response played a crucial role in recovering a significant portion of his money. He immediately lodged a complaint by calling the Toll Free number 1930, which is a national cyber crime helpline number.

Similar Cases

The City Police Commissioner highlighted two previous cases where victims were “brainwashed” through social media platforms to invest money in cryptocurrencies for profit. The case involving the former software company employee followed a similar pattern.

Caution for the Public

The police officials urge the general public to be cautious of cryptocurrency schemes that promise huge profits. Scamsters typically send invitations to social media messaging groups, convincing people to invest in cryptocurrencies. Small businessmen are particularly vulnerable to these fake schemes.