Fraud website cheats clients in the name of crypto trade in AP

AVANIGADDA: A cyber fraud cheating people under the guise of a website dealing with cryptocurrency exchange came to the fore here in Krishna district of Andhra Pradesh. The website which started its operations in July 2021 was reportedly closed in three months.

Within those three months, the managers lured several gullible people to invest heavily in their operations with the bait of a larger returns. Falling in their trap, the clients invested Rs 3,75,000 each hoping for fancy returns. The managers also promised to give commission to their clients if they brought in other potential customers to their website. Reportedly, Rs 30,000 was offered for bringing in one client and Rs 90,000 was offered if they brought two.

Last year, the victims demanded the management for the release of their pending commissions. The management dodged them, promising to clear the dues by April 2022, only to suspend the operations of the website. Realising that they were cheated, the victims approached the Krishna District Superintendent of Police. A case was also registered at the Avanigadda Police Station. Several victims from Vijayawada, Tenali, Guntur, Avanigadda, Ongole, Khammam and Nagayalankal lost heavily due to the cheating by the management of the fake website.