Express press service

KOCHI: City-based businessman Saby Jose is one of the lucky ones. A little research online helped him avoid getting scammed by online scammers. It all started with a WhatsApp message forwarded by one of his friends. It was a “brochure” and prospectus of Crypto Global Bank (CGB), the world’s first online cryptocurrency bank. The bank offered 1% interest per day on the money he deposited.

Like everyone else, Saby was tempted. A deposit of Rs 5 lakh would earn him a total monthly interest of Rs 1.5 lakh (Rs 5,000/day). However, he decided to check the bank’s website. He found that the CGB did not have a proper website or contact address. He abandoned his plan.

Unlike Saby, hundreds of unlucky people have already lost their money to the latest scam carried out in the name of cryptocurrency, just weeks after the “Morris Coin” cryptocurrency fraud was discovered. “I was lucky not to invest any money despite the very lucrative offer. Many have lost money but keep quiet,” he said.

The police have already launched an investigation into the racketeering activities which is pushing the bank’s brochure and prospectus through WhatsApp groups to attract more people. The brochure reads: “CGB is the world’s first decentralized cryptocurrency online bank.

When you deposit to our platform in Dollar, Pound or INR or any other cryptocurrency, we convert the money into Bitcoin (a cryptocurrency) and invest it on your behalf. Thereafter, we invest in the global market and offer you a return of 1% as interest on your deposit from our profits that we make through trading. We also convert your cryptocurrency into an investment that gives you high returns on a regular basis without depending on market rate fluctuations. (sic)

An officer from the cyberpolice wing said an analysis of the web address itself revealed that the site was not working. “Although there is an app called Crypto Global Bank in the playstore, it is unverified,” the officer said. Cryptocurrency consultant Sinjith K Nanminda said, “This is a complete scam. Fraudsters offer many lucrative deals in the name of cryptocurrencies. There is no bank like online cryptocurrency banking. Fraudsters use people’s limited knowledge of cryptocurrencies to trick them.