Mumbai man burdened with loans falls for cryptocurrency fraud, loses Rs 60 lakh

The complainant decided to give it a try. He downloaded the app, signed up and created a profile. As an initial investment, he bought 800 Tether (USDT) (equivalent to Rs 67,000). Tether is a cryptocurrency pegged to the US dollar. After this transfer, the complainant saw a profit value of Rs 22.55 lakh.

When he attempted to withdraw the funds in Indian rupees, he was required to pay Rs 4.15 lakh to upgrade the crypto trading account. Without suspecting anything dubious, the investor continued to invest in cryptocurrency.

After two months of investing under the guidance of “experts” from the cryptocurrency trading company, the investor “earned” additional profits and saw a USDT balance equivalent to Rs 67 lakh in his foreign bank account, as mentioned in the FIR.

According to a police officer, when he attempted to withdraw or transfer the money to his Indian bank account, he was instructed to pay various fees, such as service charges, transfer fees, Federal Deposit Insurance Corporation (FDIC) fees, and taxes, before the money could be withdrawn.

Despite paying all these fees, the complainant realised that the money had not been transferred to his bank account, leading him to conclude that he had been defrauded.

Recently, he approached the police and filed a complaint. The police were trying to trace the culprits by tracking the money trail.