A shocking online fraud case came to light on May 13, in which an Indian businessman was cheated out of 112 crore rupees (about 949,000 yuan) by investing in the cryptocurrency Bitcoin with the promise of high returns.

The victim, a 46-year-old resident of Vadgaon Sheri, Pune, lodged a report at the Cyber police station in Shivajinagar over the incident. Police have opened a case against Daniel Cooper, Alexander Hoodhead and two others responsible for the possession of mobile phones used in fraudulent activities. These fraudulent transactions continued from September 20, 2021 to the present.

According to the police investigation, the defendants, Daniel Cooper and Alexander Hoodhead, contacted the victim via cell phone and email. They posed as representatives of the tradex.com trading site and lured their victims with promises of handsome returns by investing in Bitcoin, a popular cryptocurrency.

Subsequently, the accused defrauded the victim of 2.796366 bitcoins with a total value of Rs 1.12 crore (about 949,000 yuan) for financial gain.

Senior Officer Minal Supe Patil from the Cyber Police Department is currently leading the investigation into the case.