PUNE: The Shivajinagar police are searching for four men, two each from Mira Road and Mumbai, on the charge of cheating a land developer (36) from Fergusson College Road here to the tune of Rs19.70 lakh over a deal for the purchase of one-and-a-half bitcoin cryptocurrencies.
The price of cryptocurrency is dynamic and changes every day as per the market condition on the online exchange that deals with digital currencies. In the instant case, the four men had contacted the victim through a common friend and made a presentation at the developer’s office on Fergusson College Road to sell him the bitcoin deal.
The police said the four men had taken the money from the developer in November 2020 and promised to transfer him the 1.5 bitcoin in next few days.
Senior inspector Anita More of Shivajinagar police told TOI, “The developer had submitted a complaint application with the police station about a month ago. We verified the complaint and on Wednesday registered a case of cheating against the four men.”
She said, “The four men had approached the land developer through a common contact and provided him information on the cryptocurrencies and the profits that can be gained by investing in the different virtual currencies. After assessing their claims, the land developer decided to invest in bitcoins. He decided to buy one-and-half bitcoin from the four and gave them 19.70 lakh in cash and by making online transfers.”
After receiving the money, the said, the four men promised him to allot one-and-half bitcoin. However, despite regular follow-ups by the complainant, the four men did not allot him the promised bitcoin,” she said.
“In last six months, the four men stopped answering calls of the land developer, who realised that he has been cheated and approached the police,” she said.
The police have registered a case of cheating and criminal breach of trust against the four men.
