• Housewife loses Rs. 19 lakh to cryptocurrency
• Man cheated of Rs. 50 lakh via Telegram App

Mysore/Mysuru: A housewife in the city fell victim to a cryptocurrency scam, losing Rs. 19,74,580 to fraudsters who promised lucrative returns.

The victim, identified as 40-year-old M.S. Indiramma from Siddarthanagar, was enticed by an offer she came across on the Telegram app.

The fraudulent scheme, purportedly run by the ‘Expert Trademiners Group,’ boasted of impressive returns on cryptocurrency investments. The scheme claimed that any small or big investment attracts an interest of 20 percent in 24 hours, 40 percent growth in 48 hours, 60 percent interest in 72 hours and 100 percent interest in 90 hours.

Indiramma, swayed by the promise of significant profits, reached out to the group’s admin to express her interest in investing, unaware of the trap she was about to fall into.

Initially, the scammers assured her of substantial returns, leading Indiramma to invest more funds into the scheme. They even provided fabricated evidence of her purported earnings, presenting counterfeit documents indicating that her initial investment had doubled. However, as the scheme unravelled, Indiramma realised she had been duped.

To her dismay, the admin of the Telegram Group vanished without a trace, leaving Indiramma to grapple with the financial loss. The so-called evidence of her profits turned out to be nothing more than a piece of paper.

According to the Police, cryptocurrency scammers, often operating behind fake profiles, employ a common modus operandi to lure unsuspecting victims into their schemes.

Typically initiating contact via platforms like Instagram, Telegram or WhatsApp, these fraudsters present enticing offers of significant returns on Bitcoin investments, ranging from 40 to 60 percent.

Once they have gained the victim’s interest, the scammers proceed to set up an account on a fraudulent phishing website, purportedly for cryptocurrency trading. They instruct the victim to deposit a small sum of money into this account using UPI payment methods.

Initially, the victim may indeed see profits credited to their account, bolstering their confidence in the scheme. Encouraged by these apparent gains, they are persuaded to invest more funds. After some time, the scammers abruptly disappear, leaving victim with significant financial losses.

Man cheated of Rs. 49,93,475

In a separate case of financial deception, 48-year-old B. Hariprasath, a resident of Vijayanagar Fourth Stage, was cheated in a fraudulent investment scheme through the Telegram app. Responding to an alluring investment opportunity, Hariprasath provided his email address and phone number to the conmen.

Subsequently, Hariprasath was contacted via WhatsApp by an individual who elaborated on the investment scheme, including the process for withdrawing funds should the investor wish to do so. Tempted by the promises of substantial returns, Hariprasath decided to invest a hefty sum of Rs. 49,93,475.

After investing, Hariprasath was presented with a document indicating impressive profits on his initial investment. However, despite the purported gains, Hariprasath could not withdraw either his profits or the original investment amount.

Sushma Pradeep, a resident of J.P. Nagar, lost Rs. 6,25,075 after she was sent a link to a part-time work-from-home task. After gaining her confidence by paying money for the tasks she had completed, the conmen asked her to invest more money to gain more profits.

MDMA drugs courier

In another incident, 31-year-old B. Bhargavi of Vijayanagar Third Stage, fell victim to a scam when she received a call from the number 9922997458, wherein the caller claimed to have damning evidence against her.

The caller told her that a courier, purportedly booked in Bhargavi’s name and intercepted in Mumbai, contained a substantial quantity of MDMA (ecstasy drug). Threatening legal action, the caller, masquerading as a high-ranking official, warned Bhargavi of impending criminal charges.

The caller then accused her of money laundering activities by opening bank accounts in Bihar and Delhi. Exploiting her fear of legal repercussions, the caller suggested that RBI would investigate her crimes and he demanded a payment of Rs. 96,100 (refundable) as a supposed settlement to circumvent any investigation. Bhargavi paid Rs. 96,100 and later realised that she had been cheated.