Two individuals were recently arrested by the Bengaluru Cyber Police regarding a crypto fraud in which they roped in people by promising high returns.
Anoop A Shetty, DCP, NorthEast Division, Bengaluru City tweeted that two people have been arrested and urged people to check before investing.
The duo apparently used a modus operandi where they used Instagram profiles to try and rope in folks to invest money. Their Instagram stories promised a four-fold increase of the invested money. They asked people to donate ₹3000 and promised ₹12,000 in return.
The DCP wrote: “#NorthEastCEN has arrested two persons for cheating by collecting money offering high returns in crypto trading.”
He also added: “Beware of websites & social media accounts offering high returns on investment. Verify before investing.”
It’s important to keep an eye out for conmen promising high returns by investing in crypto.