Youth arrested for cheating bitcoin investors

Youth arrested for cheating bitcoin investors

A 25-year-old youth was arrested by the Hyderabad Cyber Crimes police on Saturday for cheating a person on the pretext of selling bitcoins. The accused, Akshay Gowda, is a native of Bengaluru.

Joint Commissioner of Police (Detective Department) Avinash Mohanty said that on April 8, one Manish Reddy P. approached their Cyber Crimes team stating that he was cheated to the tune of ₹3,14,526 by somebody on the pretext of selling bitcoins. Based on his complaint, a case was registered and police launched a probe.

The accused befriended bitcoin traders through Binance and Wzrix websites. Initially, he sold bitcoins to online traders after getting money transferred into his bank account.

“After selling bitcoins two to three times, he gained their confidence and started offering them a huge commission. Believing Gowda’s stories, the victims transferred huge amounts to his account,” Mr. Mohanty said. After receiving the money, he stopped responding to their calls and messages.

“People are advised to verify the credentials of online bitcoin traders,” police said.

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