A 24-year-old cryptocurrency trader lost tether coins worth ₹46 lakh after he was cheated by three persons claiming to be buyers of crypto coins in exchange for Indian currency. A FIR has been registered at the CEN police station.
The victim identified as Manu Rashid was approached by accused Shafi China, Shahabaz M.P.C., and Fazil through Binance, said to be one of the largest cryptocurrency exchanges. Manu invited them for prospect trading discussion. Manu runs a trading company identified as Shri Ram Digital Assets and Services. Manu’s brother Mohammad Shanu is also part of the company.
After discussion, the accused offered to buy about 6,000 tether coins and paid more than ₹5 lakh in cash. The value of one tether is ₹84.35 in present day’s market. The brothers developed confidence in the accused as the money was paid to them. Later, they asked for 49,830 tether coins. The coins were transferred to the accused’s Binance account. The transfer was made in multiple transactions between July 4 and July 15. After a large number of coins were transferred, they scammed the company.
“In the beginning, we did not approach the police as we wanted to settle the matter through compromise. The FIR was registered only in November. In July, the total value of the coins was ₹46,84,088.” Mohammad, explaining the fraud, said as the accused were referred by a known person through Binance and because they made the initial payment promptly, they trusted them.
Mohammad further said that the accused were available on call to talk in the beginning but later they went incommunicado. “As the accused were not reachable, we decided to file a complaint with police,” he said.
Mohammad further said that he and his brother have been doing cryptocurrency trading for the past many years and even have a company in Dubai. After the case was registered, it was found that the accused were involved in loan app frauds.
Published - November 27, 2024 12:30 am IST
