Hyderabad, July 25: A case of fraud has been reported from Hyderabad where a man has been arrested for duping people on the pretext of selling bitcoins. Reports inform that the accused from Bangalore allegedly cheated a Hyderabad-based person on the pretext of selling the digital currency. Bitcoin is a decentralised digital currency, without a central bank or single administrator. It can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

According to a report by TOI, Police said that the victim identified as Manish Reddy lodged a complaint and claimed that he had given Rs 3.14 lakh to the accused, identified as Akshay Gowda. Reddy stated that he had given the money to the Bangalore-based man to buy bitcoins for trading. Pune Businessman Duped of Rs 15 Lakh by Fraudsters After Promising Handsome Returns on Investment in Cryptocurrencies.

To gain the confidence of the victim, the accused sold bitcoins to him on a couple of occasions and made him greedy for profit. The accused later lured Reddy to buy bitcoins in large quantities. However, the victim realised he was duped after the accused became inaccessible and couldn't be contacted.

(The above story first appeared on LatestLY on Jul 25, 2021 05:08 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).