Mysore/Mysuru: Like many others before him, Jnanesh, a resident of Mysuru, was left astonished when fraudsters managed to siphon off Rs. 25 lakh from him by luring him with the promise of significant cryptocurrency returns. Unlike many victims, however, Jnanesh was fortunate enough to reclaim his money after the investigators from the Cyber Economic and Narcotics Crime (CEN) Police Station at City Police Commissioner’s Office in Nazarbad, diligently traced and successfully retrieved Rs. 18,60,000.
According to the Police, this investigation underscored that cryptocurrency transactions aren’t entirely anonymous, and there exists a potential for recovering the victim’s funds when a thorough investigation is conducted in collaboration with financial institutions and banks.
In a press release from the office of the City Police Commissioner, it was revealed that Jnanesh responded to a WhatsApp message that presented enticing returns through cryptocurrency investments. Captivated by the offer, Jnanesh invested his hard-earned Rs. 25 lakh, utilising different banking channels for the deposits.
When the promised lucrative returns failed to materialise, Jnanesh filed a complaint with the CEN Police on April 21, 2023. The Police acted promptly, engaging with the banks involved in transferring money from Jnanesh’s accounts to those of the fraudsters.
Police employ ‘debit freeze’ mechanism
Once the fraudsters’ accounts were identified, the Police leveraged the ‘debit freeze’ mechanism to ensure the restitution of funds to Jnanesh. Unfortunately, only Rs. 18,60,000 could be retrieved, as the remaining amount had already been withdrawn by the fraudsters.
The ‘debit freeze’ measure is typically adopted by banks to temporarily suspend or restrict an account holder’s ability to perform withdrawals or transfers from their account. This action is usually taken in response to suspicious or fraudulent activities linked to the account.
By freezing the debit functionality, the account holder’s assets are safeguarded against unauthorised transactions while investigations unfold, stated Police sources. Nonetheless, authorities acknowledge that recovering funds in such cases is a highly uncommon occurrence. It is very difficult and rare.
Many victims are unable to recover their funds hence, they must exercise caution when investing and transferring money to accounts promising exorbitant and unrealistic returns, said a Police Officer. The realm of cryptocurrency remains relatively new to law enforcement, with investigative teams still acquainting themselves with the principles and tools at their disposal, added Police sources. The initiative to recover the funds was led by DCP (Law and Order) M. Muthuraj, supported by Devaraja ACP Shanthamallappa, CEN Police Inspector Prasannakumar, Sub-Inspector Siddesh, and Constables Sunil, Divya, and Nagarathna. This operation earned commendation from City Police Commissioner Ramesh Banoth.
The post City Police help crypto-fraud victim get money back appeared first on Star of Mysore.