Man duped of Rs 40 lakh in crypto currency fraud

Hyderabad: A man was duped of Rs 40 lakh on the pretext of investment in cryptocurrency by fraudsters.

The victim, who works in a restaurant, is a resident of old Bhoiguda in Secunderabad. A few weeks ago, he got acquainted with one person on Facebook. The man introduced himself as a businessman trading in cryptocurrency in Hong Kong and lured the victim into investing in the trade.

"The fraudster made the man invest around Rs 40 lakh in a cryptocurrency online business app. Later, on the pretext of making systematic investments to get good profits, the fraudster collected the password and login id of the victim and duped him," Cybercrime officials said.

Based on a complaint, the police booked a case and are investigating.