Three held for Rs 75 lakh cryptocurrency fraud in Tirunelveli

TIRUNELVELI: Perumalpuram police arrested three persons within 24 hours for allegedly defrauding a web designer of cryptocurrency worth Rs 75 lakh. The police also recovered the stolen assets from the suspects’ electronic wallet.

According to a statement from the city police here on Wednesday, Antony Selvan (40), a web designer and online cryptocurrency trader from Rajarajeswari Nagar in Perumalpuram, lodged a complaint on Monday, stating that he had been duped in an online transaction. He alleged that L Mohammed Riaz (36) along with his associates A Iyyadurai (37) and P Esakkimuthu (28) had approached him posing as forex traders in need of USD Tether cryptocurrency.

Selvan transferred 82,691 USD Tether valued at Rs 75 lakh to Riaz’s electronic wallet. Upon verification, he found that he had been given colour xerox currencies in exchange, prompting him to file a police complaint.