A complaint has been filed at the Morbi Cyber Crime Police Station after a businessman was allegedly cheated of over ₹1.5 crore. The accused contacted him through WhatsApp, promised high returns from cryptocurrency investments, and later did not return the money he had invested.
A businessman named Naimish Kanaiyalal Pandit (39), residing in Pramukh Heights in Kayaji Plot, Morbi, has filed a police complaint against two different WhatsApp mobile holders, seven bank account holders, and the accused who ought to be revealed during the investigation.
The complaint states that the accused formed a criminal conspiracy and communicated through WhatsApp, made the businessman invest in USDT cryptocurrency online, and gained his trust by communicating through WhatsApp with the tempting lure of earning money.
Later, a total of ₹1,51,02,500 was invested from the complainant in multiple instalments. The invested money has not been returned to date and a complaint has been filed alleging fraud. Morbi Cyber Crime Police has registered a complaint and have initiated a probe.
In 2024, crypto scammers stole over $1.71 billion, bringing the total stolen so far to $12.7 billion across more than 1,000 cases, according to a report.
The high value and anonymity of cryptocurrencies make them a magnet for criminals, helping the total value of criminal crypto transactions to hit shocking highs, according to the report by CryptoPresales.com.
Hackers stole over $1 billion in five of the last 10 years, including 2024. This shows that police and regulators are still struggling to stop these crimes, says Comparitech.