Karnataka sees 75 bitcoin fraud cases since 2018; 71 from Bengaluru | Bengaluru News

BENGALURU: Karnataka police registered 75 cases related to bitcoin fraud between January 2018 and August 2022. Bengaluru alone accounted for 71 of them.
According to data provided by home minister Araga Jnanendra in the monsoon legislature session, Bengaluru police registered 14 cases related to bitcoin fraud in 2021, but the number jumped to 54 in 2022 (till August). Two such cases were registered in 2020 and one in 2018.
The data revealed cops managed to arrest the suspects in only six of the 75 cases.
According to the statistics, the state saw five cases of bitcoin fraud in 2018, 2019 and 2020. The number went up to 16 in 2021 from two in 2020. In 2022, the state witnessed 54 cases – all of them in Bengaluru – till August-end. Of the 75 cases, only four – Malamaruthi police station in Belagavi city, Kamaripeth station in Hubballi city, and Attibele and Madanayakanahalli stations in Bengaluru Rural district – were reported outside Bengaluru.
A senior police officer said the arrest of Sriki alias Srikanth, an alleged hacker who was nabbed in November 2020 in connection with a bitcoin scam, drew a lot of attention. Cybercriminals capitalised on the situation and started sending messages to members of the public, asking them to invest in bitcoin trade to get good returns in a short period. Several people fell into the trap and lost money, pushing up the number of cases, he added.
According to Jnanendra’s reply to JD(S) legislator TA Sharavana in the council, police have solved only six cases. Apart from these, two cases were settled mutually by the victims and suspects outside the court. One case was closed due to lack of evidence and the remaining 62 are still under investigation.

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