Mumbai Trader Loses ₹5L in Cryptocurrency Scam


A 55-year-old trader from Vile Parle has filed a case against an unidentified fraud in cheating after he lost ₹5 lakh to a cryptocurrency fraud. The complainant, Dattatray Samant, had downloaded an app called Onramp Money to trade in cryptocurrency. Tether (USDT) is a type of cryptocurrency known as a “stablecoin”, designed to provide a stable price point.

Samant made an initial investment of ₹100 on one tether to test the app and, when everything appeared to go smoothly, he decided to make a bigger investment. On July 16, he invested ₹1 lakh and another ₹5 lakh into the same app. However, unlike the previous two investments, there was no communication about a successful trade.

When Samant attempted to contact the customer care of the app via email, he was only given an automated reply and a token number of the complaint raised. No further action has been taken in regards to his money.

The Vile Parle police have registered a case against the unknown accused under sections 406 (criminal breach of trust), 419 (cheating by impersonation) and 420 (fraud) of the Indian Penal Code as well as the relevant sections of the Information Technology Act, 2000.

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