Hyderabad: Techie loses Rs 87L in cryptocurrency fraud; TCSB recovers Rs 2.38L

Hyderabad: Telangana Cyber Security Bureau (TGCSB) has successfully recovered 2,703 USDT (approximately Rs 2.38 lakh) from the wallet of a suspect in a cryptocurrency fraud case, offering relief to a victim who had lost over Rs 87 lakh in the scam.

Victim loses over Rs 87 Lakh

The complainant, an associate manager with a software company, told police that he had been cheated of Rs 87.58 lakh after being promised high profits through cryptocurrency trading. Among the total amount lost was the 2,703 USDT now retrieved by the TGCSB.

Woman lures victim into investment

According to investigators, the fraud began in January when the victim befriended a woman online. She persuaded him to make small investments, showing initial profits to gain his confidence.

Convinced of the returns, the victim transferred several lakhs of rupees to multiple bank accounts and crypto wallets provided by her network.

Funds tracked to Chinese National

As the investigation progressed, the TGCSB, assisted by a crypto investigator, traced the movement of funds and found that the stolen USDT had been transferred to a Chinese national.

Following this discovery, the bureau approached the court and obtained an order directing the cryptocurrency platform to refund the amount.

Recovery secured, awaiting court clearance

“The 2,703 USDT has been transferred to the TGCSB wallet and will be credited to the victim once the necessary court procedures are completed,” said Shikha Goel, Director, TGCSB. She added that the case highlights the bureau’s success in tracking international crypto frauds and ensuring restitution to victims.