Cryptocurrency Fraud Dupes Bengaluru Man of Over Rs. 2 Crore, Police Initiates Inquiry: Report

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Crypto-related scams have increased in number in recent times, following the expansion of the sector to many parts of the world, including India. In a recent incident, a 30-year-old crypto investor from Bengaluru allegedly invested Rs. 2 crore scam. The victim, Dhanraj S, a resident of Jayanagar area in Bengaluru, has lodged a police complaint alleging that an acquaintance Santosh TS has allegedly cheated. Investigation has been started in the matter.

Dhanraj and Santosh have known each other since 2014. To siphon off the extra money, Santosh reportedly convinced Dhanraj to invest in several methods, including cryptocurrencies.

Dhanraji Allegedly Invested approx Rs. 2.25 crore through online and cash transactions in cryptocurrency and other businesses, which they claim has been lost.

For now, the amount Dhanraj had invested in crypto assets has not been disclosed.

The Jayanagar police have reportedly registered a case of cheating against the suspect.

Earlier in 2021 too, a 38-year-old crypto investor from Bengaluru had to pay around Rs. 10 lakh in the case of alleged fraud.

The incident happened on a crypto trading platform when the victim was trying to transfer Rs 90,000 from bank account to wallet but got connected to the wrong helpline number.

At that time, the unknown fake helpline operator took the OTP from the victim and transferred over Rs. 9 lakh in personal wallet. Since the underlying technology of cryptocurrencies, based on blockchain, can facilitate untraceable payments, it is difficult to recover lost funds such as scams.

In December 2021, Shikha Goyal, Hyderabad’s Additional Commissioner of Police (Crime and SIT) had warned crypto investors in India to strictly avoid transferring assets to unknown, unauthorized wallets.

“Those scammers ask you to share your cryptocurrency details. And once you put it in your wallet, the money is taken. If you are going to use or invest in cryptocurrency, please check this field Let’s go only to reputed and long-established players,” Goyal had said.

India is considering what rules to apply to the crypto space.

The government has expressed concern that cryptocurrency Can be used to lure investors with misleading claims and to finance terrorist activities as well as actions such as money laundering.

recently report good Chainalysis also warned Indian investors when the research firm identified about 10 million visits from India to scam crypto websites.

A report by Chainalysis in December revealed that the cryptocurrency scam raked in over $7.7 billion (about Rs 58,700 crore) from investors last year.


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Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to constitute financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

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