Ex-serviceman Loses Rs 5 Lakh in Crypto Scam

Cyber Fraud Targets Retired Army Personnel in Jamshedpur

In a sophisticated cryptocurrency scam, a retired army serviceman was defrauded of Rs 5 lakh, leading to a police investigation in Jamshedpur.

JAMSHEDPUR – A complex scam involving cryptocurrency has ensnared Shiv Shankar Yadav, a retired serviceman, resulting in a loss of Rs 5 lakh.

Yadav, who concluded his service at the Sonari Army Camp, encountered a fraudulent scheme through a telegraph link on WhatsApp.

Named Multi Capital, this link was the entry point into several WhatsApp groups focused on cryptocurrency trading.

He was enticed with promises of trading USDT, a digital currency, with a trading period extending for 20 days.

Upon completion of a trade, fraudsters would alter their contact information, demanding further USDT deposits into Yadav’s account.

His current association lies with a WhatsApp group.

Yadav’s trading account on this platform displays a balance of 13,672.95 USDT, misleadingly valued at merely 100 rupees.

Through transactions from applications like Mudrex, Bitjet, and Coindex, Yadav has transferred a total of Rs 5058.703 worth of USDT.

Despite the ongoing trading period set to end on March 5, the scammers have continued to solicit additional funds.

Yadav has reached out to the authorities with transaction details seeking intervention to recover his lost funds.

An official complaint has been registered at the Bistupur cyber police station, marking a critical step towards addressing this cybercrime.