Crypto trading trap: Doctor shown fake profit, loses over Rs 4 crore in Bengaluru

Bengaluru: A 50-year-old doctor was ensnared in an elaborate cryptocurrency scam after fraudsters approached him on WhatsApp with promises of high returns. Posing as trading experts, they gained his trust, directed him to a bogus trading platform and showed him fake profits of more than Rs 14 crore. Convinced by the purported returns, the doctor transferred Rs 4.5 crore to multiple bank accounts. However, when he attempted to withdraw the money, the fraudsters allegedly demanded additional payments, exposing the scam. According to the complaint filed by the doctor, a resident of Hosakote in Bengaluru Rural district and a surgeon at a private hospital, he was contacted on WhatsApp in the first fortnight of Aug by an unk6nown person who identified herself as Ayushi Sharma. She introduced him to cryptocurrency trading and allegedly convinced him to invest through the fraudulent platform. After explaining how the trading worked and highlighting the huge profits that could supposedly be made in a short period, she nearly convinced him to invest. She later shared two mobile numbers belonging to a person identified as Vijay Anant, claiming he could assist him with the investment. On Aug 19, the doctor contacted Anant, who allegedly introduced himself as a trading analyst. He reportedly promised to trade the complainant's money on a cryptocurrency platform and generate high returns, offering the doctor 30% of the profits as commission. Anant then added the doctor to a WhatsApp group named 'CoinTrs Transaction', where several members shared screenshots of the alleged profits they had made through the cryptocurrency platform. Anant later sent the complainant a link to register on the purported 'CoinTrs.com' platform. The accused also remained in contact with the victim through the Telegram ID @CoinTrs. Trusting their promises, the complainant transferred money between Aug 23 and Sept 3 from his bank account to several accounts linked to different entities, including Chesain Event Pvt Ltd, MS Subh Yatri Tour and Travels Pvt Ltd, Online Saree Hub, Sipvera Services, Praveen Silk Sarees, Sky Line Relty and Paynex. Initially, the doctor made a relatively small investment. However, as the fake portal displayed lucrative returns in his account, he was convinced to invest larger amounts. In all, he transferred Rs 4,47,82,080. The platform subsequently showed him a purported profit of $14,77,129, equivalent to around Rs 14 crore. However, when he attempted to withdraw the money, he was allegedly unable to do so. When he contacted Anant, he was reportedly told that a 'Security Channel' had to be cleared before the purported profits could be withdrawn. He was then asked to transfer additional money, with the accused citing various reasons, including taxes, processing fees and other charges. Realising that he had fallen victim to an elaborate cryptocurrency investment scam, the doctor approached the cyber helpline 1930 and the Central Cyber Crime police, seeking action against those responsible for cheating him. He also requested that the mule accounts allegedly used by the fraudsters be frozen to help recover his money. A case was registered under the Information Technology Act and Section 318 (cheating). How to avoid crypto investment scams *Do not trust unsolicited WhatsApp, Telegram or social media messages promising quick or guaranteed cryptocurrency profits. *Verify the trading platform independently before investing. Do not rely on links, screenshots or testimonials shared by strangers. *Never transfer money to personal or unrelated bank accounts for cryptocurrency investments. *Be wary of fake trading groups where members post screenshots showing huge profits to create a false sense of trust. *Do not share OTP, passwords, banking details, PAN/Aadhaar information or crypto-wallet credentials with unknown persons. *Avoid downloading apps or APK files sent through WhatsApp or Telegram. *If you suspect fraud, immediately report it to the cybercrime helpline 1930. You Can Also Check: Gold Rate in Bengaluru | Silver Rate in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru | Bengaluru AQI | Weather in Bengaluru | Petrol Price in Bengaluru | Diesel Price in Bengaluru | CNG Price in Bengaluru | LPG Price in Bengaluru Stay updated with the latest Bengaluru news. Download the TOI App.