The city police have arrested two youth from Raibag in Belagavi district for allegedly cheating people on Instagram promising 60% profit on investments in cryptocurrency.\u00a0<\/p>\n
On March 17, a resident of the city came across an Instagram profile \u201cAbhise_Akwane_\u201d, which claimed to be the youngest crypto trader and soon the person handling the profile messaged the complainant promising 60% returns on investments in just 20 minutes. <\/p>\n
The complainant gave \u20b926,000 and soon, the profile stopped responding. He lodged a complaint with CEN police of North East Division, who tracked down those handling the profile to Rayabhag. The accused have been identified as Kiran Bharatesh, 21 and Ashrad Mouiddeen, 20, a final year UG student. The duo had opened several such profiles on social media platforms and cheated many individuals. Police have frozen \u20b940,000 from their accounts.\u00a0<\/p>\n
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In another case, Upparpet police booked a gang of three for cheating a Mangaluru-based businessman of \u20b930 lakh after promising to double it in two days. Rasheed Latheef, a Kudroli-based businessman, was befriended by one Sajid, six months ago. Sajid recently called Latheef and promised to double the investment he makes in two days. Latheef came down to the city and handed over Sajid \u20b915 lakh after he met three others from the gang, Abhilash, Rajiv and Satyan, who claimed they will invest it in a scheme which will fetch high returns. <\/p>\n
A few days later, when Latheef called Sajid, he claimed there was an issue and his money could be doubled only if he paid up another \u20b915 lakh, to which Latheef obliged by taking a loan of \u20b913 lakh. This tranche of payment was made through RTGS as well. However, days later, when Latheef asked for his money back, the gang threatened him with dire consequences and cut off all contact. The Upparpet police have now booked a case and are on the hunt for the gang.<\/p>\n<\/div>\n