The website has been flagged as a “fake crypto platform” on several portals. However, the accused continue to run operations by making new websites and luring people by offering financial advisors, said police.
The Delhi Police Crime Branch is conducting an intensive investigation into a gang that systematically defrauded hundreds on social media platforms allegedly under the pretence of offering financial advice on cryptocurrency trading.
The gang mainly operate from WhatsApp and Telegram groups where they sent daily updates on stocks and crypto trading, said police. Police suspect that some of the accused are in Malaysia as they have retrieved details of more than 10 phone numbers with a code of the country.
The victims were induced to use a website allegedly of a Malaysian-based trading firm and invest money there, said police. One of the complainants, a businessman from Delhi, allegedly lost more than Rs 85 lakh in the case, police added. A case under sections of cheating and the IT Act has been registered.
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The website has been flagged as a “fake crypto platform” on several portals. However, the accused continue to run operations by making new websites and luring people by offering financial advisors, said police.
Many of the victims were allegedly asked to transfer their savings from their bank accounts and wallets of a legal platform, which is used to buy and trade in cryptocurrency, to the firm in Malaysia.
A senior police officer said several WhatsApp and Telegram groups were created and hundreds of people were added. “The group admins offered services of financial advisors who would send tips about crypto trading and investment. The victims were asked to register on the website and start investing. The gang lured people by showing they had analysts from the US and other countries. Initially, few victims even received good returns,” said the officer.
Complainants told police that “expert financial advisors” were regularly guiding them about cryptocurrency. A complainant started trading in small amounts and made profits, said police.
After the victims had been roped in, the accused offered them a special programme called “1V1” where they were given the chance to “invest 10,000 to 100,000 US dollars”, said police.
“ The victims were told they would earn profits of around 2 million USD. The analysts assured that they would bear losses, if any. Many agreed… and invested heavily. However, they were later removed from the WhatsApp groups and asked to connect to other analysts,” added the officer.
© The Indian Express (P) Ltd
First published on: 29-06-2023 at 04:53 IST
