In a major crackdown on cyber fraud, the Delhi police have apprehended five individuals linked to a large-scale cryptocurrency investment scam that has defrauded victims of over Rs 24 crore. The source reports that this operation highlights the growing threat of online scams targeting unsuspecting investors.
Investigation Initiated After Victim Complaint
The investigation was initiated after authorities received a complaint from a victim who lost Rs 30 lakh to fraudsters masquerading as investment professionals. The criminals operated through a WhatsApp group, enticing potential victims via social media and directing them to a fraudulent trading application where they were instructed to deposit funds that were subsequently siphoned off.
Arrests Made in Connection with the Scam
Police have already executed searches at two locations associated with the scam, resulting in the arrest of four suspects, including:
- Rajiv
- Mohit
- Rajbir Singh
- Monu Kumar
These individuals were reportedly responsible for managing mule accounts that facilitated the fraudulent transactions.
Ongoing Investigation and Network Discovery
The ongoing investigation has revealed a sophisticated network of cybercriminals operating across various states, employing fake investment groups and mobile applications to mislead victims. Authorities are actively working to trace the misappropriated funds and identify more individuals who may have fallen prey to this elaborate scheme.
In light of the recent cryptocurrency investment scam uncovered by Delhi police, Coinbase CEO Brian Armstrong has issued a strong warning against crypto scammers targeting users on the platform. For more details, see the full story here.
