Cyber Crime
Masterminds Caught! How a Warangal Businessman Lost Rs 5 Crore in Crypto Fraud
Warangal police nabbed three in Delhi for duping a businessman of Rs 5 crore in a crypto scam, promising Rs 15 crore. The suspects used WhatsApp and hawala for the fraud.
Warangal: The Matwada police from the Warangal Police Commissionerate arrested three cyber fraudsters in New Delhi on Monday. The suspects, Sumith Singh, Karamdeep Singh, and Sachin Shukla, were allegedly involved in a sophisticated scam that targeted individuals by promising high returns through cryptocurrency investments.
The Complaint and Initial Investigation
The breakthrough came after a prominent businessman from Bank Colony in Warangal lodged a detailed complaint with the Matwada police. The businessman reported that he had been deceived by cyber criminals who lured him with the promise of converting Rs 5 crore into Rs 15 crore worth of cryptocurrency. According to Circle Inspector Gopi, the investigation began immediately after receiving the complaint.
The businessman detailed in his complaint that the fraudsters had initially contacted him via a WhatsApp call. They presented themselves as credible crypto investors, convincing him of the legitimacy of their offer. They assured him that his investment of Rs 5 crore in Indian currency would be doubled, resulting in a payout of Rs 15 crore in cryptocurrency. Following their instructions, the businessman handed over Rs 5 crore to a contact in Hyderabad. This individual then transferred the money to Delhi using the hawala system, a method often used for illegal money transfers.
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The Fraud Unfolds
Days passed, and the promised Rs 15 crore worth of cryptocurrency never materialized in the businessman’s bank account. Realizing he had been duped, the businessman promptly approached the Matwada police. Understanding the gravity of the situation, the police formed special investigation teams to trace the origins of the fraud and apprehend the perpetrators.
The Hunt for the Cyber Fraudsters
The investigation teams traced the digital and financial footprints of the transaction, leading them to the three accused in New Delhi. Collaborating with the Delhi Police, the Warangal special teams launched a coordinated operation to apprehend the suspects. Sumith Singh, Karamdeep Singh, and Sachin Shukla were identified as the masterminds behind the scam. Their arrest is a testament to the diligent efforts of the Warangal Police Commissionerate and their collaboration with counterparts in New Delhi.
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Post-Arrest Developments
Following their arrest, the three accused were placed in judicial remand in Delhi. The police are continuing their investigation to uncover more details about the operation and to identify any additional victims or accomplices involved in the scam.
Circle Inspector Gopi emphasized the need for public awareness regarding such sophisticated fraud schemes. He urged individuals to be cautious and to verify the credibility of investment opportunities, especially those promising unusually high returns.
A Cautionary Tale
This case serves as a stark reminder of the growing threat posed by cyber fraudsters who exploit the increasing interest in cryptocurrency. The Warangal Police Commissionerate is committed to combating such crimes and ensuring the safety and security of its citizens.
Stay Vigilant
The Warangal Police urge citizens to report any suspicious activities or potential fraud attempts to the authorities immediately. Public awareness and vigilance are crucial in preventing such scams and protecting individuals from financial loss.
For continuous updates on this case and other important news, stay tuned to our reports.