Daijiworld Media Network – Mangaluru (MS)

Mangaluru, Apr 23: Many people in the coastal region have lost money by falling victim to fraudulent cryptocurrency schemes.

This network lures investors with initial returns of 15% to 25%, but when they invest large sums, no returns are given. Mumbai and Bengaluru are the centers of this network, and now it has been discovered that the network has extended its reach to Mangaluru.

The fraudsters approach potential investors through their own network and invite them to a hotel or specific location for a presentation. They also show a fake list of hundreds of people already investing in the schemes, and mislead investors into believing that the Reserve Bank of India has approved the trading.

Mostly online trading apps and other apps are used for the trading. If an investor invests a small amount, an additional 15% to 20% of that amount is deposited into their bank account. The fraudsters' intention is to make the investor invest a large sum.

Dr. Anant Prabhu G, a cybersecurity expert, says, “Cryptocurrency is digital. Bitcoin is at the forefront of cryptocurrency. Generally, a country's currency is controlled by organizations like the Reserve Bank of India. However, digital currency operates on digital technology, and there is no authority to control it. It uses distributed ledger technology, and there is no KYC procedure. Only a wallet ID is available. It is very difficult for the police to trace the fraudsters.”

So far, three cases of fraud in bitcoin investment have been reported in the city. In one case, investors lost Rs 3 crore, in the second Rs 8.44 lacs, and in the third Rs 15 lacs. Many fraudsters have already been arrested by the police, and locals are also involved in the network and are in contact with fraudsters from other states.