- Hyderabad resident recovered partial funds after being defrauded in a cryptocurrency investment scam through WhatsApp.
- Cyberabad Cyber Crime Police tracked stolen funds to a foreign cryptocurrency exchange and secured a court order for the refund.
- Authorities warn the public to be cautious about online investment offers promising quick profits.
Cyberabad Police have successfully recovered over ₹2.68 lakh for a Hyderabad resident who fell victim to a cryptocurrency investment scam. The victim was deceived through a WhatsApp group named MC-VIP-BTC-GROUP-888/702, where fraudsters convinced him to invest substantial funds using suspicious trading platforms, resulting in a loss of approximately ₹20.39 lakh.
After being added to the deceptive WhatsApp group, the victim was persuaded to invest in cryptocurrency trading through third-party applications. Scammers shared fraudulent websites including https://gigcps.com and https://app.tradingtopshots.com, promising significant returns through fake trading contracts. Trusting these false promises, the victim transferred $24,275.80 (approximately ₹20.39 lakh) to various private cryptocurrency wallets.
Investigation and Fund Recovery
Upon realizing he had been defrauded, the victim immediately approached the Cyberabad Cyber Crime Police, who registered a case under Section 420 of the IPC and Section 66-D of the IT Act. Through digital forensic investigation, authorities traced a significant portion of the stolen funds to a cryptocurrency wallet connected to an exchange based in Seychelles, Africa.
The police team sent a legal notice to the exchange requesting wallet information and KYC details of the suspected fraudsters. The exchange cooperated with the investigation and confirmed that the suspect’s wallet still contained 0.03979 BTC, valued at approximately $3,746.58 (₹3.22 lakh).
“After obtaining a court-issued debit freeze order, we were able to block the suspect’s wallet and prevent further movement of funds,” a police official explained. Following legal proceedings and submission of transaction evidence, the court issued a refund order, resulting in the recovery of 3,125.42 USDT (approximately ₹2.68 lakh) which was returned to the victim’s account.
Public Warning Against Cryptocurrency Scams
The Cyberabad police have issued a strong advisory to the public regarding online investment schemes. Authorities urge citizens to exercise caution when encountering investment opportunities through social messaging platforms like WhatsApp and Telegram, especially those promising unrealistic returns or requiring installation of unfamiliar applications.
“Anyone suspecting fraudulent activity should immediately report it to their nearest police station or cyber crime unit,” advised a senior officer from the cyber crime department. The successful recovery in this case demonstrates the importance of prompt reporting and the effectiveness of cyber forensic investigations in combating digital financial fraud.
The police emphasized that cryptocurrency scams continue to evolve, with fraudsters using increasingly sophisticated methods to target potential victims through social media and messaging platforms.
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