The Hyderabad City Police arrested a 25-year-old man, Akshay Gowda, from Bangalore for allegedly defrauding ₹3.14 lakh under the pretext of selling Bitcoin. The arrest was made by the Cyber Crimes Police Station, Detective Department, following a detailed investigation into the case.
The Case
Filing the Complaint
- Complainant: Manish Reddy, a resident of Hyderabad.
- Complaint Date: April 8, 2023.
- Allegations: Manish Reddy claimed that he was defrauded of ₹3,14,526 online by the accused, who promised to sell Bitcoin.
Investigation
Upon receiving the complaint, the Hyderabad police launched a probe into the alleged scam. The investigation led to the identification and arrest of Akshay Gowda, who was operating from Bangalore.
Modus Operandi
The accused used a systematic approach to defraud victims:
- Building Trust:
- Akshay Gowda connected with Bitcoin traders through popular cryptocurrency platforms like Binance and WazirX.
- He sold small amounts of Bitcoin initially to build trust among his targets.
- Luring Victims:
- After gaining confidence, Gowda promised high commissions on bulk Bitcoin purchases.
- Defrauding Victims:
- The victims transferred significant amounts of money to Gowda’s bank account.
- Once the payments were made, Gowda ceased communication, leaving the victims defrauded.
Arrest and Legal Action
The Cyber Crimes Police successfully detained Akshay Gowda on Friday and brought him to Hyderabad. Legal proceedings have been initiated against him.
Lessons for Cryptocurrency Traders
This case underscores the importance of vigilance when engaging in cryptocurrency transactions.
Tips to Avoid Fraud:
- Verify Sellers:
Always verify the identity and reputation of individuals before engaging in cryptocurrency trades. - Use Trusted Platforms:
Conduct transactions only through reliable and regulated cryptocurrency exchanges. - Avoid Advance Payments:
Avoid making payments upfront without receiving the agreed cryptocurrency. - Report Suspicious Activity:
Immediately report any fraudulent activities to law enforcement authorities.
Conclusion
The Hyderabad City Police’s swift action highlights the growing threat of cryptocurrency-related scams in India. As digital assets gain popularity, it is crucial for users to exercise caution and adopt best practices to safeguard their investments.
For more insights on cryptocurrency security and related news, explore our latest articles, where we delve into key developments in the digital asset space.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.