Morbi businessman duped of over ₹1.5 crore in cryptocurrency investment scam

A complaint has been filed with the Morbi Cyber ​​Crime Police Station for allegedly cheating a businessman from Morbi of over ₹1.5 crore by contacting him through WhatsApp, promising him to invest in cryptocurrency and earn money, and then not returning the money he invested.

A businessman named Naimish Kanaiyalal Pandit (39), residing in Pramukh Heights in Kayaji Plot, Morbi, has filed a police complaint against two different WhatsApp mobile holders, seven bank account holders, and the accused who ought to be revealed during the investigation.

The complaint states that the accused formed a criminal conspiracy and communicated through WhatsApp, made the businessman invest in USDT cryptocurrency online, and gained his trust by communicating through WhatsApp with the tempting lure of earning money.

Later, a total of ₹1,51,02,500 was invested from the complainant in multiple instalments. The invested money has not been returned to date and a complaint has been filed alleging fraud. Morbi Cyber ​​Crime Police has registered a complaint and have initiated a probe.

In 2024, crypto criminals stole over $1.71 billion worth of cryptos, pushing total thefts to shocking levels at $12.7 billion across more than 1,000 heists to date, according to a report. 

The high value and anonymity of cryptocurrencies make them a magnet for criminals, helping the total value of criminal crypto transactions to hit shocking highs, according to the report by CryptoPresales.com.

In five of the past 10 years, including 2024, hackers stole over $1 billion annually, proving the ongoing struggle for law enforcement and regulators to control these crimes, as per Comparitech data.

(with inputs from syndicated feed)