Hyderabad
The Cybercrime unit of the Cyberabad Police Department has facilitated the return of cryptocurrencies to victims who fall into online investment scams.
The recovery marks first, after legal intervention and international cooperation, crypto assets lost in cyber fraud are traced and reimbursed.
The case was registered on February 2, 2024. The investigation shows that victims were attracted to invest $24,275.8, or approximately Rs 2,039 crore, investing in multiple private cryptocurrency wallets. These funds are under the guise of entering trade contracts and promise high returns.
After he complained, investigators tracked digital trails of the transaction. It was found that a large portion of the funds had been transferred to wallets related to the international cryptocurrency exchange headquartered in Seychelles, Africa.
The police issued a formal notice to the exchange asking for information on your client (KYC) and wallet details related to the suspect. The exchange was in line with the wallet shelf identity and confirmed the available balance of 0.03979 BTC, which was approximately equivalent to $3,746.58 or Rs 3.22 lakh.
Police requested a debit freezing order from the court, which was properly granted. After further submission of all relevant documents and transaction flow details, the court directed the exchange to return the frozen assets to the victim's wallet.
Subsequently, the exchange refunded $3,125.42 of $3125.42 to the victims – about Rs 2.68 lakh.
Following the case, the cybercrime police issued a consultation urging citizens to exercise caution when engaging in online investment and trading activities. They warn against responding to unsolicited messages on platforms like WhatsApp or Telegram, especially those that expect to make quick profits or require installation of unfamiliar applications.
publishing – May 3, 2025 at 09:37 AM IST
