A fraud of over $100k
As per a recent report by The Times of India, a businessman Mahesh from Hyderabad, India, was duped of over $100,000 (Rs. 80 Lakh) by scammer(s) who allegedly fooled him using a fake crypto exchange application.On Monday, the 39 years old victim lodged a complaint with Hyderabad’s cybercrime police and claimed that he had invested around $100,000 between December 2021 and April 2022 via a crypto exchange that ended with an extension “.ac.sh.”
Assistant Commissioner of Police KVM Prasad informed that Mahesh received a sum of Rs. one lakh after investing around Rs 30,000 within a brief period. Prasad stated:
“Buoyed with the returns, Mahesh kept investing lakh of rupees as his virtual wallet in the crypto exchange site, which continued to show good profits on his investments.”Mahesh discovered the fraud when he attempted to withdraw money recently. He could not withdraw funds from the wallet, and when he called the crooks, they demanded Rs 35 lakh for unlocking the wallets. The URL became active after he refused to pay the amount.
“Realizing that he was duped, Mahesh lodged a complaint with us.”The police have registered the case against the anonymous fraudsters under sections 66-C and 66-D of the Information Technology Act and sections 419 and 420 of the criminal code of India, Indian Penal Code.
The government of India is gearing up to regulate crypto
India is gearing up to clarify the issues in crypto regulations with the help of a better set of guidelines. The country's financial minister, Nirmala Sitharaman, recently announced the imposition of a 30% crypto tax along with 1% TDS. As Cryptonary reported, despite the heavy backlash received by the crypto community, the regulatory bodies are planning on imposing 28% GST above the existing tax.In December last year, Additional Commissioner of Police Shikha Goel addressed Indian citizens about the rise in cybercrime during an event hosted by the city police of Hyderabad, advising them not to convert cryptocurrencies to unapproved private wallets.
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