WazirX denied its involvement in the scam and maintained that it followed strict guidelines; in another case, the trading platform was served a show-cause notice from the ED. The Cyber Crimes Division of the Hyderabad City Police has arrested a person for allegedly cheating several people to the tune of Rs 3,14,526 online on the pretext of selling cryptocurrencies. Based on a complaint by Manish Reddy, a resident of Hyderabad, the police arrested Bengaluru resident Akshay Gowda and booked cases under Sec 66D of the Information Technology Act 2000 and Sections 419, 420 of the Indian Penal Code. Sec 66D of the IT Act 2000: Punishment for cheating someone by personation using a computer resource. Sec 419 and 420 of the IPC: These two sections deal with offences related to cheating and dishonestly inducing delivery of property. Sec 420 warrants imprisonment that may extend to seven years. According to Avinash Mohanty, Joint Commissioner of Police in the Detective Department of the Cyber Crimes Division, Gowda allegedly befriended cryptocurrency traders through Binance and WazirX websites. "Initially the accused sold bitcoins to the online traders by receiving money to his bank account. After selling bitcoins 2 to 3 times, he would gain the confidence of them and starts offering them huge commission on buying bitcoins. Believing the version of the accused, the victims have transferred huge amount to the accused. After receiving huge amount, when the victims called to the accused, he stopped responding to their calls & messages and cheated them,"…
Hyderabad Police arrest one for cryptocurrency scam, says accused befriended victims through WazirX, Binance
- MediaNama Daily: Fraud vs Fintech March 30, 2023
- RTI: The curious case of ‘no data on insured vehicles’ with India’s Insurance Regulatory Authority March 29, 2023
- Is encryption better than anonymization of data for individual privacy? #NAMA March 29, 2023
- Chhattisgarh’s Online Gambling Law Comes Into Effect: Key Highlights March 29, 2023
- Google loses its appeal against India’s competition regulator’s order in the NCLAT March 29, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...