Thane Businessman Loses Rs. 34 Lakh in Bitcoin Commerce Fraud

A 37-year-old businessman from Mira Street in Thane has been cheated of Rs 33.65 lakh after he was tricked into investing in Bitcoins on the false promise of profitable returns, police mentioned on Monday.

Police have registered a case towards two individuals below part 420 (Dishonest and dishonestly inducing supply of property) of the Indian Penal Code.

An official mentioned the complainant got here into contact with the accused individuals via a WhatsApp group. In February 2022, he acquired a message from two individuals, together with the group administrator, asking him to turn out to be a Bitcoin investor if he needs profitable returns.

“The businessman agreed and invested cash. He bought good returns initially, however later he suffered losses and stopped buying and selling. However the accused contacted him and warranted him that he’ll get assured returns and demanded a 20 p.c fee. Later, he noticed an quantity of $2,47,210 (roughly Rs. 2 crore) in his Bitcoin account however could not withdraw attributable to technical points,” the official mentioned.

After a few days, he acquired a message that the Bitcoin utility was frozen because the “contract has expired”. The accused duo additionally grew to become incommunicado, following which the businessman lodged a criticism with the police.

No arrest is made to date and additional investigation is underway.

Bitcoin, a digital forex, will not be regulated in India and its circulation has been a trigger for concern amongst central bankers the world over for fairly some time now. The Reserve Financial institution of India has additionally cautioned customers, holders and merchants of digital currencies, together with Bitcoins.