Hyderabad techie duped of more than Rs 5 lakh in crypto fraud

In another case of crypto fraud a techie based in the city was duped of Rs 5.8 lakh by cyber fraudsters. The victim told the police that he was lured into investing after watching other investors make profits on their investments. In the beginning he too made some decent profits but was soon asked to pay a huge sum in order to withdraw his money.

Police said that the 40-year-old software engineer approached the Rachakonda cybercrime office on Thursday and told them that he was added to an unknown Telegram group 'Fastcoin Mining' on September 13, which claimed that it was dealing in crypto investments. 

The complainant said that he observed the functioning of the system and was impressed by the profits being made by the investors. After this the complainant said he contacted the Telegram group admin who went by the name of Brian McCauley (ID: @Braiely). McCauley told him that he was a crypto analyst and said he would explain to him in detail how to go about making his



investments.

Based on MaCauley's advice the complainant signed up at https://fastcoinmining. net, bought USDT cry through an app as advised by Brian and transferred them to the EWallet suggested by the latter, media reported.

Police said that Between September 14 and September 16, the victim invested 2,140 USDT and received 2,874 USDT.

Enjoyed by the profit he made in the first instance the complainant next invested 7,000, USTD which came to Rs. 5.8 lakh. On September 21, the complainant asked Brian to transfer the profit made by him into his account, but the latter told him to invest an additional $1,500 in order to be able to withdraw his money. Soon after that Brian stopped responding to the complainant's messages. It was after this that the complainant realised that he had been cheated out of his money and he lodged a complaint with the police.

Based on the complaint the Rachakonda police have registered a case of cyber fraud and have launched an investigation to identify these cyber fraudsters.