Chennai: Private Firm Manager Booked for Cryptocurrency Investment Fraud

CHENNAI: Police have registered a case against a private firm manager for allegedly cheating a man of Rs 10 lakh in a cryptocurrency investment fraud.

Police said that the complainant, R Sasikumar (41), is a resident of Mannappa Street, Kottur. Sasikumar is a manager at a prominent real estate firm in Chennai. He earlier worked as a manager at a matrimonial website in Adyar, where he met the accused, Vignesh of Guduvanchery, who was a PR manager there.

According to Sasikumar, Vignesh had told him that investing Rs 1 lakh in cryptocurrency would yield a monthly profit of Rs 20,000. As proof, Vignesh claimed that he had invested several lakhs and earned huge profits. Believing him, Sasikumar invested Rs 10.89 lakh in instalments. However, Vignesh did not pay any returns as promised. Suspicious, Sasikumar inquired about him in Guduvanchery and learnt he had allegedly duped several others of around Rs 40 lakh using the same method. When Sasikumar met him and demanded his money back, Vignesh refused and allegedly issued death threats.

Based on the complaint, Kotturpuram Police booked Vignesh under sections including cheating and criminal intimidation. Further investigations are underway.

This case highlights the growing trend of cryptocurrency investment frauds, where unsuspecting investors are lured with promises of high returns only to be left empty-handed. It is crucial for individuals to conduct thorough research and verify the credentials of anyone offering such investments. Authorities are also stepping up their efforts to combat such scams and protect the public from financial losses.