Mangaluru man loses Rs.3 crore in cryptocurrency fraud

Mangaluru man loses Rs.3 crore in cryptocurrency fraud

Mangalore Today News Network

Mangaluru, Feb 5, 2023: A man in city has allegedly lost Rs 3 crore in a cryptocurrency fraud over a period of three years, and has filed a complaint at the CEN police station in this regard. A resident of Borugudde in the city has accused two persons of cheating him, by convincing him to invest in the cryptocurrency business.

In a complaint, he said that Muhammed Shafad CK and Muhammad Afeed CK are the accused. He told police that Muhammad Shafad met him, and informed him, that he had earned crores of rupees in the cryptocurrency business, in the first week of January 2020, and had asked for investors. In the second week of January 2020, the complainant was given a presentation on how to earn profits through cryptocurrency, and in the following week, the complainant met Shafad’s brother Afeed, and allegedly paid him Rs 35 lakh. He was informed that he would get 25% profit per month.

After a month, he was informed that he had earned Rs 8.8 lakh profit for his investment, and was shown the cryptocurrency account. Later, he was made to believe that owing to the Covid-19 pandemic, there was a delay in the declaration of profit.

The complainant stated that he had invested Rs 3 crore, which includes investments raised through his friends, in a phased manner. Later the accused were inaccessible. On suspecting that the two accused were involved in the cryptocurrency scam reported in Bengaluru last year, a complaint was filed, and a case was registered on Friday.

Courtesy: Times of India