The Hyderabad police officials said that there is no scope for refund for anyone falling prey to this racket and advised investors not to transfer assets into unreliable virtual wallets. (Representational Photo: AFP)
Hyderabad: Cyber Crime officials are checking whether more persons were cheated by a website that has allegedly swindled a 39-year-old to the tune of Rs 80 lakh in the guise of crypto investments, as was reported on Monday.
The Hyderabad police officials said that there is no scope for refund for anyone falling prey to this racket and advised investors not to transfer assets into unreliable virtual wallets.
ACP Cyber Crimes, KVM Prasad said since the victim A Mahesh, a resident of Srinagar colony, transferred the funds to the virtual wallet, there exists no scope for refund.
"The website, which is now defunct, had been active for months, suggesting that more people might have accessed it and were conned in a similar way," he said.
Police said that with more and more people investing in crypto currencies, huge amounts of money are being transferred, and this is attracting cybercriminals.
"Cryptocurrency investors are to be very cautious while dealing with such a digital market and should refrain from transferring assets into reliable and unauthorized wallets," officials said.
Until last year, as many as 16 cryptocurrency fraud cases were reported, wherein victims have collectively lost Rs 3.45 crore. They invested in the hope of high returns.
In the recent case, businessman Mahesh, who had invested in cryptocurrency, was duped Rs 80 lakh by unidentified fraudsters.
The victim approached the cybercrime wing of the Hyderabad city police, who registered a case and are now investigating.
"The victim had initially invested Rs 30,000 in cryptos through a website and received double returns. He started putting in more and invested a total of Rs 80 lakh. When he tried to withdraw the returns, he lost access to his virtual account on the website. He tried contacting the organisers but in vain," police said.