bitcoin: Bengaluru lecturer loses bitcoins worth Rs 10 lakh to fraudster who offered help on app

(This story initially appeared in on Mar 17, 2021)

BENGALURU: A 38-year-old lecturer who was new to the cryptocurrency world misplaced bitcoins value Rs 10 lakh to a fraudster who had promised to deal with his cryptocurrency account.

Ramesh J (title modified), a resident of Palace Gutahalli and lecturer with a non-public school, lodged a grievance with Central CEN police on Saturday.

In accordance with the complainant, the incident passed off on February 22. Police sources mentioned Ramesh just lately logged in to CoinSwitch Kuber, a buying and selling platform to purchase, promote and handle cryptocurrency.

So as to perceive the buying and selling course of, he additionally logged in to some cryptocurrency rooms on Telegram cell utility, the place folks would share their views. An account hacker who messaged Ramesh personally mentioned he may deal with the bitcoins the latter has purchased and guarantee excessive returns.

In the meantime, Ramesh tried to switch Rs 90,000 to his pockets on CoinSwitch Kuber, however the try was unsuccessful. He raised a question on the Telegram group the place the identical particular person approached him saying he was conscious of the issue and would be capable to resolve it rapidly.

Believing him, Ramesh shared his credentials, together with One Time Password (OTP). Within the subsequent jiffy, bitcoins value Rs 10 lakh had been transferred from Ramesh’s pockets to a different pockets. The lecturer tried to retrieve them, however in useless.

In his assertion to police, Ramesh mentioned many different merchants had been going through transaction issues like him. Central CEN police have registered a case below sections of Data Expertise Act and Indian Penal Code (IPC). A senior police officer mentioned it’s the first-of-its-kind case they’ve registered and are exploring how they need to conduct probe.

“If it was about banks, there could be a regulator and banks may very well be approached. However in the case of cryptocurrency, there are not any regulators as such. We’re planning to strategy CoinSwitch Kuber to discover a answer,” mentioned a police officer.

The final time town reported cryptocurrency theft was in March 2020. Ayushi Jain, a resident of Bellandur, allegedly stole 63.5 bitcoins value Rs 3.7 crore from Bit-Cipher Labs LLP positioned on Outer Ring Street and was arrested. Investigation revealed she stole the bitcoins by typing a 24-word passphrase, which was written on a bit of paper by the sufferer.

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