A 20-year-old youth who had befriended a man on Instagram thinking he was a crypto currency expert was allegedly duped of Rs 30,000 after investing in crypto currency with the false promise that the money would double.
Officers of Port division, where the complaint was lodged, arrested three men in connection with the case.
Crypto currency is a form of a digital payment system that does not rely on banks for verification and does not involve exchange of physical money.
“The complainant, Shahid Akhtar, met a man with the profile name Shayana Chauhan (crypto) on Instagram who claimed he was a crypto currency expert. He said he could help the young complainant double his money by investing in crypto currency,” said deputy commissioner (port), Zafar Ajmal Kidwai.
Akhtar had transferred Rs 30,000 to the account of the accused hoping it would be doubled. When it did not and the accused refused to return the sum, he lodged a complaint.
Police station zeroed in on Shiekh Riyazuddin, Adnan Hossain and Mohammad Faizan Khan. The arrested trio were charged under sections of cheating, criminal breach of trust and criminal conspiracy.