Bitcoin fraud: Man arrested for defrauding Rs 36 lakhs in Karnataka

Accused Abdul Latif Kalai defrauded Rs 36 lakhs from a man in Mangalore, claiming to be the admin of cryptocurrency exchange website. The accused is sent to judicial custody.

Mangaluru: A case of bitcoin fraud was registeredin Mangaluru as a man duped to be the admin of bitcoincrypto currency exchange website, defrauded many people. The accused Abdul Latif Kalai (34) was arrested by the police and sent to judicial custody.

On January 3, 2018, a Mangalore-based man had invested Rs 46 lakhs in the company. Rs 10 lakhs was returned out of total Rs 46 lakhs. As per the allegation remaining Rs 36 lakhs was defrauded.

Similarly, it is said that the accused had similarly defrauded thousands of people by collecting money from them.

Police acted on a complaint lodged at Economic and Narcotic police station. Kalai is identified as a resident of Ammunje Bantwal.