Indian Police Returns $3074 To a Victim from Crypto Fraud

The Cyberabad Cybercrime Police in India managed to help a Hyderabad-based investor retrieve the $3,074.14 lost to an online cryptocurrency fraud. Local authorities demonstrate their commitment to fighting cybercrime through their efforts to tackle the rising dangers in the digital trading industry. 

An investor became a target for scammers who placed him in a fraudulent WhatsApp group that promised exponential crypto trading profits. The scammers made him install third-party software with private organizations. The funding that was meant to support trading agreements turned out to be a complete fraud after being transferred. 

After determining he had fallen victim to fraud, the complainant sought assistance from the Cybercrime Police to file his complaint. The investigator started tracking the cryptocurrency funds through digital wallets immediately. Their investigation revealed that a large portion of the defrauded amount had been funneled into a wallet linked to an international cryptocurrency exchange based in Seychelles, Africa.

The police sent official documents to the exchange to obtain wallet details and Know-Your-Customer account information. The exchange quickly replied to the request by supplying wallet information, which proved there were $3,901.79 available in the account associated with the suspect.

The police presented this vital information to the court, which led them to secure a debit freeze order for the suspect’s wallet. After court proceedings, the judge mandated that the exchange should return the frozen assets to the victim after receiving their proper documents. 

However, the international cryptocurrency exchange complied with the court’s order and transferred $3,074.14 back into the victim’s wallet. This move marks a successful resolution of the case. 

After this incident, citizens have been warned by the Cyberabad cybercrime police to stay alert while using online or any kind of social media platform or application for investment purposes. Authorities also emphasized how important it is to immediately report any suspicious activities or behavior of this kind to the nearest police station or cybercrime section.