- Telangana Cyber Security Bureau recovered Rs 2.38 lakh in crypto from an online scam
- Victim lost Rs 87.5 lakh in a fake cryptocurrency investment via a matrimonial site
- Scammer used fake profile and promised high returns to lure the victim
The Telangana Cyber Security Bureau (TGCSB) has successfully recovered a substantial amount of cryptocurrency stolen in an online fraud, marking one of the few instances where funds lost to international crypto scams have been traced and refunded to an Indian victim.
The breakthrough came in a case registered at the TGCSB's Cyber Crime Police Station in Ramagundam, where a local software company associate manager was defrauded of approximately Rs 87.5 lakh.
Of this, 2,703 USDT (Tether), equivalent to around Rs 2.38 lakh, has been successfully recovered from a foreign national's crypto wallet.
The victim's ordeal began on a popular matrimonial website, where he connected with a profile under the name 'Nanditha Reddy'. Over several months, the scammer, who later claimed to have moved to Malaysia, built trust and gradually shifted the conversation to a lucrative-looking cryptocurrency investment scheme.
The fraudster lured the victim into investing in a fake platform, promising high returns and financial freedom. Initially, the victim was able to withdraw small amounts, which cemented his trust.
However, when he attempted to withdraw a large sum of his "profits," the platform began demanding a series of fraudulent charges, including "tax on returns", "currency exchange fees" and "fraud investigation fees".
Despite paying an additional Rs 9.5 lakh in the hope of getting his money back, the victim was repeatedly asked for more money. That is when he realised he was a victim of a sophisticated scam.
The total amount lost was a staggering Rs 87,58,358, with a portion of it converted into cryptocurrency as directed by the fraudster.
Upon receiving the complaint, the TGCSB, with the assistance of a specialised crypto cyber investigator, meticulously traced the digital trail of the stolen funds. The investigation revealed that the 2,703 USDT was transferred to a wallet registered with a Chinese national, Jiang Chuanxuan, on the international crypto exchange platform OKX.
In a swift and coordinated move, the TGCSB issued a notice to OKX, requesting them to freeze the suspect's wallet. Following a court order, the exchange was directed to refund the frozen crypto assets.
The police's persistent follow-up paid off, and the entire amount was successfully refunded to the TGCSB's official wallet. The crypto assets will be transferred to the victim's wallet after obtaining final court permission.
The Director of the TGCSB, along with other senior officials, commended the investigating officer, J. Krishnamurthy, and the cyber investigator for their excellent work. The successful recovery from a foreign national's wallet, facilitated by an international exchange, is a rare feat for law enforcement.
The TGCSB has issued a cautionary advisory to the public, urging them to be highly suspicious of online acquaintances, especially those on matrimonial platforms, and to exercise extreme caution before transferring any funds or crypto assets without proper verification.
