Kozhikode: A businessman from Kozhikode lost Rs 2.85 crore when attempting to make profits using cryptocurrency trading. A 40-year-old Malappuram native was lured into an online financial scam by women he met through Instagram who promised him increased profits for his crypto investments.
Between July 5 and August 16, the businessman made huge investments by trusting the women. They sent him a link that added him to a Telegram group with over 3000 members. The women then shared information about trading in the group in a manner that seemed trustworthy to the businessman.
Following this, the Managing Director of a company was introduced to the businessman and the former then appointed someone from India to discuss things with the latter. A User ID for a website was offered where the businessman logged in. The figures of the investment done and the profits gained were clearly displayed on the website. Screenshots were also sent regularly.
The businessman made several investments in various installments without realizing that it was a scam being carried out via fake websites. Thirty transactions were carried out. He was told that he needed to wait for a one-month period before withdrawing the money including profit. After investing Rs 2,85,82,000, the businessman was preparing to withdraw the amount as it indicated his investment to have gone up to Rs 5 crore.
Then came the instruction that he needs to pay 20 percent tax. The investor became suspicious when he saw that the tax alone would come up to Rs 80 lakh. That is when he made a complaint to the City Police Commissioner. However, by then, his money was already lost through fake accounts. Cybercrime police have registered the case and begun an investigation.
