Crypto Scam: Tamil Nadu Man Arrested For Deceiving Users Into Investing Money

During the inquiry, the accused revealed that he had moved the cheated amount to a recently opened current bank account before transferring it to other bank accounts.

The police tracked the movement of the cheated money and located the accused in Coimbatore.

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Dinesh Kumar, a 26-year-old man from Tamil Nadu was arrested for allegedly deceiving individuals into investing their money in cryptocurrency. The accused, who hails from Coimbatore, was identified by authorities after a complainant stated that they had been contacted by an international number last year.

The caller had introduced them to the Forex Trade Market and convinced them to deposit approximately Rs 20 lakh across several bank accounts, promising investment in the United States Department of the Treasury (USDT). However, once the deposit was made, the caller stopped responding to the complainant's calls, indicating that they had been duped.

After conducting an investigation, police tracked the movement of the cheated money and located the accused in Coimbatore.

Following a raid in the district, Kumar was taken into custody. During the inquiry, the accused revealed that he had moved the cheated amount to a recently opened current bank account before transferring it to other bank accounts.

Kumar reportedly began deceiving individuals after acquiring knowledge of digital banking and taking digital marketing courses.

In June last year, a report by CloudSEK said that fake cryptocurrency exchanges have duped Indian investors of more than $128 million (nearly Rs 1,000 crore) as the global crypto market tanked. The cybersecurity company said it has uncovered an ongoing operation involving several phishing domains and Android-based fake crypto applications.

"This large-scale campaign entices unwary individuals into a huge gambling scam. Many of these bogus websites impersonate "CoinEgg", a legitimate UK-based cryptocurrency trading platform," according to the report.

(With inputs from PTI)

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