Two people were detained in Bengaluru for defrauding a bitcoin exchange for Rs 3.5 crore.

Two people have been detained in Bengaluru, including a cryptocurrency trading agent, for defrauding a local businessman of Rs 3.5 crore under the guise of assisting him with bitcoin investments. Piyushbhai Himmatlal Soni and Rajeshbhai Dhirajlal Soni, both from Gujarat, have been detained.

They were apprehended when merchant Gowtham, 37, of JP Nagar, submitted a complaint. Kunal Anup Chandrana, the main suspect in the case, has eluded capture. On August 10, a local judge denied Chandrana’s anticipatory bail request, and they were later detained.

According to a senior police official, Gowtham’s buddy Ramesh TV claimed to have gained money from bitcoin trading, which prompted Gowtham to invest. “as he lacked knowledge in cryptocurrency, he sought Ramesh’s help to befriend Chandrana who claimed to be an expert.” Gowtham wrote in his lawsuit.

On May 15, Gowtham moved Rs 3.5 crore to two Chandrana-provided bank accounts in order to acquire cryptocurrencies on demand. Chandrana, on the other hand, neither purchased cryptocurrencies nor refunded funds. When questioned, Chandrana provided explanations that did not persuade Gowtham. He went to the South Cyber, Economic, and Narcotics (CEN) police station and made a report.

Chandrana was allegedly summoned by police after they acquired information, and Chandrana subsequently petitioned a local court requesting anticipatory bail in the matter. During the evasion efforts in the first week of August, the detectives discovered that Gowtham had moved money on May 15 and 17, and they tracked down Piyushbhai and Rajeshbhai.

“The investigation officer must recover the currency and record his statement.” the court stated in dismissing the bail application on August 10. The investigation is ongoing, according to the police.

According to a senior police official, numerous persons posing as bitcoin trading gurus are enticing the public on Telegram and other platforms with promises of high returns on their investments, and many people in the city have been duped, but the instances are underreported. Because many of them have little understanding of how bitcoin trading operates, they trust these agents and end up being duped. Scams involving cryptocurrency trading have been recorded in India since the Supreme Court overturned the prohibition on cryptocurrency trade earlier.

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