Thane Businessman Loses Rs. 34 Lakh in Bitcoin Commerce, Was Promised Profitable Returns on WhatsApp Group

A 37-year-old businessman from Mira Road in Thane has been cheated of Rs 33.65 lakh after he was tricked into investing in Bitcoins on the false promise of profitable returns, police mentioned on Monday.

Police have registered a case in opposition to two individuals below part 420 (Cheating and dishonestly inducing supply of property) of the Indian Penal Code.

An official mentioned the complainant got here into contact with the accused individuals by means of a WhatsApp group. In February 2022, he acquired a message from two individuals, together with the group administrator, asking him to change into a Bitcoin investor if he needs profitable returns.

“The businessman agreed and invested money. He got good returns initially, but later he suffered losses and stopped trading. But the accused contacted him and assured him that he will get guaranteed returns and demanded a 20 percent commission. Later, he saw an amount of $2,47,210 (roughly Rs. 2 crore) in his Bitcoin account but couldn’t withdraw due to technical issues,” the official mentioned.

After a few days, he acquired a message that the Bitcoin utility was frozen because the “contract has expired”. The accused duo additionally turned incommunicado, following which the businessman lodged a criticism with the police.

No arrest is made to date and additional investigation is underway.

Bitcoin, a digital forex, shouldn’t be regulated in India and its circulation has been a trigger for concern amongst central bankers the world over for fairly some time now. The Reserve Bank of India has additionally cautioned customers, holders and merchants of digital currencies, together with Bitcoins.