Kerala: Man loses Rs 6 lakh to fake cryptocurrency investment application

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Kerala: In yet another incident of crypto fraud, a Kakkanad resident was duped of Rs 6 lakh. The victim invested in a cryptocurrency app, lured by high returns. The cyber police have registered a case after the person, who belongs to Koorkenchery in Thrissur, lodged a complaint recently.
The related incident took place in 2021. The complainant invested Rs 6 lakh in an app named My Token which was dealing with a cryptocurrency named USDT, The New Indian Express reported. The investment was made in February 2021, however, after the first week of March 2021, the complainant did not receive any return.
According to officers with the Kochi Cyber Crime police station, attempts are being made to trace the app operators. The case has been registered under various sections of IPC and the IT Act.

“It is a very difficult task to trace the people who operate these fake apps. When complaints are received, the app involved in bogus activities is taken down. That makes tracing the app operators even more complicated. In this crypto case, we will be requesting Google to share information regarding the app,” a police officer said.

Recently, in April 2022, a Chennai-based businessman was defrauded to the tune of a whopping Rs 1.8 crore by two men from Gujarat’s Surat, TOI reported. Reportedly, the duo carried out the fraud episode by luring the victim into investing in cryptocurrency on the promise of getting him high returns. Two cyber fraudsters — Prakash Bhagwan Bai (39) and Suresh– were detained from a city hotel near Tamil Nadu’s Meenambakkam.

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