Hyderabad: Youth duped of Rs 16 lakh in cryptocurrency

A group of youngsters have been cheated of Rs 16 lakh by investing in Cryptocurrency. The group of friends were lured with higher profits in crypto and lost the money they have invested.

The police said that one of the victims befriended a person on Facebook, who suggested him to invest in crypto currency trade by downloading an app. Believing him, the victim downloaded the app on his mobile phone and created an account. He later invested a few lakhs and received profits.

On the advice of the fraudster, the victim told his friends about the same and created interest in them stating that he received profits. His friends too invested the money in crypto currency trade. However, they did not get any profits and lost their money. On realizing of being cheated, they approached the cyber crime police in Hyderabad. Based on a complaint, the police have booked a case and are investigating.

Efforts are underway to nab the culprits.