Cryptocurrency fraud: Suspect nabbed in over Rs 23L Instagram scam

NEW DELHI: The Cyber Cell of the Delhi Police has arrested an individual for defrauding an innocent through an Instagram link to earn profits by trading in cryptocurrency.

The police were informed about the fraud through a complaint registered at the Cyber Police Station.

The arrested accused was identified as Mohammad Daud (29), a resident of Vijay Park, Maujpur, Delhi.

Police revealed that Daud was part of an intricate scheme targeting victims with promises of high returns on investments in the share market and cryptocurrency through online platforms.

The operation was initiated when a 32-year-old woman from Usmanpur reported losing Rs 23.50 lakhs after being lured into investing via Instagram and Telegram.

The fraudsters posed as representatives of Binance and persuaded her to invest, ultimately coercing her into transferring more money, including taking a loan of Rs 15 lakh. Suspicious bank transactions prompted her to report the case.

Investigation unveiled the use of multiple bank accounts, with significant funds funneled through an ICICI Bank account in Maujpur.

Daud, a former sales executive, utilised his expertise to execute the fraud, admitting to using random Wi-Fi networks for untraceable calls.

The operation led to the recovery of a router, 17 SIM cards, 11 debit cards, four passbooks, 15 cheque books, and two stamps.