The cyber police have started investigation into a multi-crore cryptocurrency fraud in which a businessman from Kozhikode district was allegedly cheated. The complainant who approached the District Police Chief (Kozhikode City) recently for action claimed that he had lost a total sum of ₹2.85 crore.
According to police sources, the man made the investments in July and August, responding to promotional campaigns by a few women on Instagram. He had also been added to a Telegram group that had over 3,000 members.
The operators of the alleged fraud worked in a professional manner, updating returns of the investment each time with the investor. He smelt a rat when the company operators asked him to pay around ₹80 lakh as tax for withdrawing his total investments with profit, which was around ₹5 crore. By the time he approached the police, he had lost the whole investment.
Police sources said it was the biggest financial fraud reported in recent times in Kozhikode district. They said investigation was under way to check the source of Instagram messages and track the operators of the fraud.
