Two engineers from the Purighat and CDA regions reportedly lost funds to crypto fraud.
They were integrated into a Whatsapp group and given assignments to complete at first.
Two Cuttack engineers have reportedly been scammed out of 43 lakh INR ($52,054) by crypto investment fraudsters. The two engineers from the Purighat and CDA regions reportedly lost money after investing in a fraudulent website. Both of these regions are located in Cuttack, Odisha, India.
The victims have filed a report about the scam with the online police department. The victims reportedly first got a message on WhatsApp. They were integrated into a team and given assignments to complete at first.
At first, they were paid instantly after finishing work. The two engineers claim they were guaranteed 30% of the work. However, they had to make an initial investment before they could reap the benefits. Under such pretense, the con artists have stolen around 20 lakh INR from one engineer and 23 lakh INR from another. The police investigation is underway.
On the other hand, the Mira-Bhayander police have provided a test case for resolving cybercrime by retrieving 33 lakh INR from an e-wallet belonging to a Chinese individual. Mira Road resident who lost money investing in cryptocurrency more than a year ago has got it back after authorities contacted a Seychelles-based cryptocurrency exchange. Mira Road is a neighborhood in Mumbai’s western suburbs in India.
Struggling Crypto Sector in India
Since the Indian government implemented a new tax system, the country’s crypto industry has suffered greatly. As a direct consequence of the new tax policy, everyday trade activity on Indian cryptocurrency exchanges has dropped significantly.
As a result of the tax restrictions, investors have been looking abroad. This adjustment has greatly affected trading volume on Indian exchanges and caused widespread anxiety within the cryptocurrency community.