Maharashtra, August 2: In a distressing incident in Nashik, Maharashtra, a 52-year-old resident of the Ambad police station area has reportedly has fallen victim to cyber criminals who allegedly swindled him out of Rs 3.2 lakh by enticing him with promises of substantial and rapid profits through cryptocurrency investments. The victim, while exploring social media platforms for alternative sources of income, encountered these fraudsters, leading to his financial loss.

According to the Times of India report, Nashik's cyber police officials disclosed that the complainant initiated contact with them seeking income-generation ideas, ultimately succumbing to the fraudulent scheme propagated by the criminals. The scam involved convincing the victim that his invested money would rapidly multiply through cryptocurrency trading. Cyber Crime: Delhi Police Arrests Three For Defrauding Banks Through Fake Documents To Buy Cars and Sell Them for Profit.

According to police reports, the 52-year-old was instructed to deposit funds into a bank account earlier this year in January under the pretence that these sums would be allocated to cryptocurrency investments. However, instead of witnessing any returns, the victim was continuously prompted to reinvest in the scheme as his supposed portfolio purportedly flourished. Delhi Fire: Blaze Erupts at Cyber Crime Police Station in Rohini Sector 17, Rescue Operations Underway.

This cycle of investments was repeated six times, with the complainant parting with substantial sums. However, by the close of February 2023, the victim grew wary as he had already committed over Rs 3.2 lakh, and the accused became increasingly inaccessible. Unable to re-establish communication, the aggrieved investor lodged a formal complaint with the cyber police station.

Emphasising the importance of dealing only with reputable individuals and institutions bound by accountability, police officials noted that financial transactions should be conducted with due diligence.

(The above story first appeared on LatestLY on Aug 02, 2023 01:46 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).