Young Instagram influencers arrested for cryptocurrency fraud

Two young Instagram influencers have been arrested for cheating several people by luring them to invest in cryptocurrency.

Officers from Bengaluru’s Northeast CEN Crime police station apprehended Kiran Bharatesh and Arshad Mohideen from a village in Raibag taluk, Belagavi district, after the duo allegedly cheated a college student of Rs 26, 230.

Best friends and residents of the same village, Bharatesh and Mohideen allegedly tricked the 19-year-old into investing in cryptocurrency by promising him instant profits. But when he got neither the profit nor the principal, the teenager went to the police. A team led by Northeast CEN Crime police inspector Santosh Ram R tracked down the duo recently.

Police said the duo had opened Instagram accounts in different names, gaining about 10,000 followers. Every profile proclaimed the account holder to be the “Youngest Crypto Trader”. The accounts asked people to invest in cryptocurrency and promised between 60 per cent and 400 per cent of returns “within 10-30 minutes”.

Also Read — Bescom engineer caught taking Rs 10,000 bribe: ACB

To gain traction, the duo created fake accounts and followed the main account. Using the fake accounts, they pretended to be those who had invested in cryptocurrency and received high returns. The huge following and the positive feedback attracted many customers.

Police believe the fraud had been going on for at least a year with investors putting in between Rs 2,000 and Rs 50,000. Most of the people who put in small amounts never went to the police.

From the fraud money, the duo bought an iPhone each, kept Rs 40,000 in two bank accounts and spent the rest on branded fashion and partying. Police have seized both the iPhones, the bank balance and three SIM cards. A senior police officer said the duo used the money to show their peers they are very rich.

Police have solved two cases by arresting the duo. The second victim is from Nelamangala.

Watch the latest DH Videos here: