Vijayawada real estate broker duped of Rs 1.4 crore in crypto currency scam | Vijayawada News

Vijayawada: A real estate broker was cheated of nearly Rs 1.4 crore in a cyber fraud case involving cryptocurrency investments by an international fraud network that operated through social media platforms and fake crypto transactions.Police said the victim first came into contact with a man through social media platforms. Introducing himself as a stock market and investment expert, the fraudster promised massive returns through cryptocurrency trading and managed to gain the victim’s confidence over several conversations by showcasing fake profits and investment success stories.A woman later joined the conversation and further convinced the broker to invest in cryptocurrency. She explained various ‘high-return’ investment opportunities and guided him to open a digital wallet on MetaMask platform. To make the scheme appear genuine, the fraudsters transferred fake crypto tokens into the victim’s wallet, creating the illusion that his investment was already generating profits.As the victim’s confidence grew, a third individual entered the operation and provided two bank account numbers for transferring the investment amount. Believing the scheme to be genuine, the Vijayawada resident transferred Rs 90 lakh in the first instalment and another Rs 50 lakh later.However, after receiving the money, the fraudsters stopped responding to his calls and messages. When the victim repeatedly demanded returns, they allegedly sent fake Bitcoins and continued to mislead him for some time. Realising he had fallen victim to a well-planned cyber fraud, the broker approached the police.During the investigation, officials found that one of the phone numbers used in the scam originated from the United Kingdom. Police also discovered that the woman allegedly involved in the crime had left the country. After registering a case, cyber crime police are now investigating the international links behind the fraud network. Police once again warned the public against blindly trusting online investment schemes promising unusually high profits.