Authorities struggling with cyber crimes carried out a detailed investigation to illuminate the fraud and identified the suspects through digital traces.

According to local media reports, there is also a woman among the five people detained by the Cyber ​​Crime Unit of the Odisha Crime Branch.

The suspects said that investors made fraud through a false trading application called Zaıf, which promises a profit of up to 200 %. The platform tried to create a perception of reliability by introducing Japan -based.

However, the weak platform used by scammers is thought to have no connection with a real crypto exchange operating in Japan and attacked a cyber of 60 million dollars in 2022. Frauds, in order to deceive investors using this name formed a fake platform.

The fraud plan began with the deception of an Indian business person by a woman via Facebook. The woman introduced herself as Hong Kong based IBM software developer and convinced her to invest through Zaif after gaining the confidence of the victim.

The fake trading platform suggested that it would provide great gains by promising the victim high return.

In this process, the victim transferred a total of 6 Crore Rupi (about $ 699,352) to different bank accounts of scammers. Initially, false gains were shown on the victim platform. His confidence was increased by creating the illusion that he made great profits in his account. However, when the victim wanted to withdraw their earnings, he was told that he had to pay an additional 89 lakh rupees.

This method is known as prepayment fraud. It is encouraged to invest more money by showing that they initially earn great profits to investors. However, when the shooting process is requested, additional payments are requested with various excuses. When the victim refused to make this additional payment, the fraudsters disappeared and they completely cut off the communication.

Authorities launched a detailed investigation on the complaint of the victim. Police followed digital marks and bank records to reach scammers. Five suspects were detained as a result of the operation.

During the operation, the suspects’ phones, SIM cards, identity documents and other materials linked to fraud were confiscated. Authorities, seized evidence will be evaluated within the scope of the investigation and the incident was investigated whether there are other people.

India continues to be a country where fraud cases are frequently experienced due to the uncertainty of crypto currency regulations. In particular, fake platforms promising high return use various methods to deceive investors.

At the beginning of this month, the Indian police had smashed a similar crypto fraud. It was found that a platform, which promises a 2 %return daily through a false token called RSN, had a total loss of $ 1,14 to $ 2.29 million in total.

Authorities warn investors to be careful when investing in unknown platforms. It is stated that it should be cautious against the proposed platforms through social media people.