Crypto Worth Rs 87 Lakh Stolen in Matrimony Scam, Some Funds Recovered by TGCSB

Cryptocurrency fraudsters continue to targets on unaware investors, exploiting trust, online platforms and promises of large profits which makes victims vulnerable to sophisticated scams. A cryptocurrency scam has left an Indian software professional, an associate manager from Mancherial, defrauded of nearly Rs 87.5 lakh, with a portion of the stolen funds recently recovered, NDTV reported. The victim lodged a complaint with the Telangana Cyber Security Bureau (TGCSB) on June 12.

The victim was lured by a fake profile using the name Nanditha Reddy on a popular matrimonial platform. The scammer who claimed to be in Malaysia, convinced him to invest over a period of months in a cryptocurrency scheme that promised large profits. In starting, small withdrawals gave the impression that the platform was legitimate and built the victim’s trust.

The difficulties began when the victim tried to withdraw larger amounts from the platform. The platform imposed a series of fraudulent charges, including taxes on returns, currency conversion fees, and fraud investigation fees. Despite paying an additional Rs 9.5 lakh, he was repeatedly asked for more money before realising the scheme was a sophisticated scam. The total amount lost was around Rs 87.58 lakh.

According to the report, the TGCSB traced a portion of the stolen cryptocurrency to a wallet on the OKX exchange belonging to a Chinese national, Jiang Chuanxuan. Following a court order, the exchange refunded 2,703 USDT, valued at approximately Rs 2.38 lakh, to the TGCSB’s official wallet. The recovered amount will be transferred back to the victim once final court approval is obtained.

The TGCSB also notified OKX to freeze the suspect’s wallet. A subsequent court order directed the refund of the frozen crypto assets.

The case underscores the Importance of vigilance when dealing with cryptocurrency transactions. Authorities have cautioned the public to be extremely cautious when interacting with online acquaintances, especially on matrimonial platforms, and to confirm the recipients before sending digital assets.