Bitcoin News

Indian Youth arrested for defrauding bitcoin investors in Hyderabad.

Indian Youth arrested for defrauding bitcoin investors in Hyderabad

Under the guise of selling bitcoins, the Hyderabad city police detained a guy. The alleged defrauded to the tune of ₹3,14,526.

The Accused

On Friday, the Cyber Crimes Police Station, Detective Department, Hyderabad City detained and brought Akshay Gowda (25). According to a police announcement issued on Saturday, Akshay Gowda is a resident of Bangalore, Karnataka State.

Filing The Case

Manish Reddy, a Hyderabad resident, filed a complaint on April 8 alleging that he was defrauded of ₹3,14,526. He mentioned that it happened online and under the guise of selling bitcoins. As a result, he requested opening a case in his name.

The Process of Extortion

The accused’s method was to make friends with bitcoin dealers using the Binance and Wazrix websites. Initially, the accused received money into his bank account and sold bitcoins to internet dealers. Additionally, he would acquire confidence after selling bitcoins two or three times. Therefore building promise of providing large commissions on bitcoin purchases to them.

The Aftermath

As a result, the victims have paid large sums of money to the accused after believing the accused’s version of events. When the victims phoned the accused after receiving a large sum of money, he stopped responding to their calls and texts and deceived them.

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