This story is from May 27, 2018

Bizman cheated of Rs 91 lakh after bitcoin purchase

A businessman from southeast Delhi was duped of approximately Rs 91 lakh after being offered bitcoins from an international exchange firm.
Bizman cheated of Rs 91 lakh after bitcoin purchase
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NEW DELHI: A businessman from southeast Delhi was duped of approximately Rs 91 lakh after being offered bitcoins from an international exchange firm.
The businessman from Jamia Nagar told police that he was introduced to the firm by a person he met at a bank, who claimed to be a representative of the MNC. A case was registered at Vasant Vihar police station after the victim’s complaint.

The man told police that he met the fraudster in 2017, who said that he was working at an exchange firm dealing in crypto-currency. “He later called me and started offering deals for buying bitcoins. I bought one for Rs 5.4 lakh. As soon as I paid the money, I received a message on my phone updating me about the purchase. I sold them a month later for Rs 6 lakh,” the businessman said.
He was again asked to make a similar purchase, this time being told that he could earn a 50% profit if he holds the bitcoin for at least three months. The victim agreed and sold it for Rs 9.75 lakh after buying it for Rs 6.5 lakh. Convinced of the legitimacy of the trade, he was then given a bigger offer.
“They told me that there will be a huge surge in the prices of bitcoins after 20 days and I can almost double my profit. They offered me a discount of 5% if I bought 10 bitcoins worth approximately Rs 91 lakh,” the businessman said.
The victim borrowed the amount from his family and friends and said he would return the money after 20 days in January 2018.
He went to the company’s office with the amount but was told that the bitcoins would be transferred to his wallet after the money was transferred to China. The crypto-currency would then be sent from Dubai after getting a confirmation on the money transfer. But later, the fraudster fled cheating the man.
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About the Author
Sidharth Bhardwaj

I am an alumnus of the Asian College of Journalism, Chennai and currently working as a reporter with Goa bureau of the Times of India. Have a keen interest in international affairs, defence and politics. Fan of Arsenal football club.

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