The Cyberabad Cybercrime Police have successfully recovered $3,074.14 for a Hyderabad investor who fell victim to a cryptocurrency scam. After tracing the funds to a Seychelles-based exchange, police secured a court order to freeze the assets and ultimately facilitate their return to the victim. This case underscores ongoing efforts to combat cybercrime and protect consumers.
In a noteworthy case of cybercrime, the Cyberabad Cybercrime Police in India successfully assisted a local investor in retrieving $3,074.14 lost due to a cryptocurrency scam. This incident highlights the increasing dedication of law enforcement to combat the growing threats in online trading and digital financial transactions.
The investor, based in Hyderabad, became ensnared by scammers who lured him into a fraudulent WhatsApp group, promising substantial returns on crypto investments. They manipulated him into installing dubious third-party software linked to various private firms. Sadly, the funds he transferred for trading turned out to be a complete scam.
Realising he had been defrauded, the investor lodged a complaint with the Cybercrime Police. The investigation kicked off promptly, focusing on tracing the cryptocurrency through digital wallets. Authorities discovered that a significant part of the stolen funds had been transferred to a wallet associated with an international cryptocurrency exchange located in Seychelles.
The police prepared necessary documents and reached out to the exchange, requesting detailed wallet and Know-Your-Customer (KYC) account information. The cryptocurrency exchange responded swiftly, confirming that the suspect’s wallet held $3,901.79. Armed with this crucial evidence, policemen presented their findings to the court.
As a result of the presentation, the police secured a debit freeze order for the wallet linked to the suspect. Following legal proceedings, a judge ruled that the exchange must return the frozen assets to the original victim, contingent upon appropriate documentation.
In adherence to the court’s directive, the international cryptocurrency exchange transferred $3,074.14 back to the victim’s wallet, marking a resolution of the case.
Following this incident, Cyberabad police have cautioned the public to remain vigilant while engaging with online social platforms or investment applications. Authorities stress the importance of promptly reporting any suspicious activities to local police or cybercrime units, to mitigate the risks associated with such scams.
