Yogesh K Porwar
Bengaluru: A city-based businessman filed a case in cybercrime police station that he was allegedly cheated of ₹1 crore in an online cryptocurrency deal after being lured into purchasing USDT (Tether) through fraudulent means.
According to the Cyber Crime Police Station,Bengaluru City,the victim, a resident of Vayalikaval,lodged a complaint stating that between January 31 and February 3, 2025,he was persuaded by a man identified as Lakshman (A1) from Madurai,Tamilnadu to invest in USDT through a wallet address.
Later,another accused,Suresh Patel (A2) from Mumbai City,Maharashtra,convinced the businessman saying that,if he buys a large amount of USDT,he will be receiving it at a discount price.
Believing their claims,Pandit adjusted by collecting money from his friend’s total of Rs.1 Crore cash on April 30, 2025,and gave it during a meeting at Electronic City, Bengaluru.
However, the promised USDT purchase was never done. Realizing that he had been cheated, Suresh Pandit approached the police.
Based on his complaint,a case was registered under the Information Technology Act,2000 Sections 66C (Punishment for identity theft) 66D (Punishment for cheating by using computer resources) and the Bharatiya Nyaya Sanhita, 2023 (Section 318(4)).
Police have begun an investigation to trace the accused.
