Crypto fraud: Gandhinagar software engineer falls victim to Rs 1 crore cryptocurrency scam

Crypto fraud: A software engineer working in Gandhinagar has fallen victim to a cryptocurrency fraud, losing Rs 1.34 crore in the process. Kuldeep Patel, a resident of Saijpur-Bogha in Ahmedabad, reported the incident to the Cybercrime police.

According to Patel's complaint, the incident began when he sent a request to a woman named Aditi Patel on a matrimonial website on June 23. Kuldeep Patel, who works as a team leader in a software developer firm in Gandhinagar, initiated contact with Aditi Patel, who claimed to live in a residential society in Maninagar and operate an import and export business in the UK.

Aditi Patel introduced Kuldeep Patel to a cryptocurrency called Banocoin and encouraged him to invest in it for lucrative returns. She even provided a screenshot of the cryptocurrency to pique his interest. Kuldeep Patel engaged in a conversation with a Banocoin customer care representative and subsequently registered on the platform.

Initially, Patel invested Rs 1 lakh in the cryptocurrency and recorded a profit of 78 USDT (US dollar tether), a type of cryptocurrency. He made a partial withdrawal of 50 USDT. As the promised returns seemed appealing, Patel continued to invest in Banocoin for more substantial gains.

Between July 20 and August 31, Patel made 18 transactions totaling Rs 1.34 crore. However, when he attempted to withdraw Rs 2.59 lakh from his account on September 3, he received the shocking news that his account had been frozen.

In a desperate attempt to resolve the issue, Patel reached out to a customer care number provided by Aditi Patel. To his dismay, he was informed that he needed to invest an additional Rs 35 lakh to unfreeze his account. When he tried to contact Aditi Patel, she remained unresponsive.

It was at this point that Kuldeep Patel realised he had fallen victim to cybercriminals. He promptly reported the fraud to the Cybercrime police in Ahmedabad. A complaint has been filed against the perpetrators for breach of trust, cheating, and criminal conspiracy under the Indian Penal Code (IPC). An investigation into the cryptocurrency fraud has been initiated by the Cybercrime police.

Also Read: Fixed Deposit rates could increase as loans outpace deposits