“This will end all your financial worries,” promised a woman ‘fashion designer’ from Bangalore he had connected with on Facebook. For the telecom executive in Pune, that Facebook connection turned into a Rs 51 lakh scam — masterminded by cyber fraudsters posing as both the designer and agents of a Seychelles-based crypto exchange, luring him with promises of high returns on Tether investments.

A First Information Report (FIR) was registered at Kalewadi police station under Pimpri Chinchwad police by a 39-year-old senior telecom executive working for a company in Pune . In May earlier this year, the victim was manipulated into making over 30 transactions totalling Rs 51.89 lakh on the pretext of investment in Tether, which is a cryptocurrency pegged to the Us dollar and is also referred

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