Police investigate cryptocurrency investment fraud in Ulyanovsk

A woman in Ulyanovsk lost more than 12 million rubles after being promised that cryptocurrency investments would double her savings, according to a report by MVD Media.

Investigators say she met a person online who introduced himself as David. He described high returns from cryptocurrency investments and suggested that she register on an investment platform.

Following a manager’s instructions, the woman invested both savings and borrowed money. She initially transferred 1.3 million rubles, then handed another eight million to a courier.

Police said the 31-year-old man who acted as the first courier was detained over a similar incident. The scheme’s organisers then sent another courier, to whom the woman handed a further three million rubles.

Investigators identified the second courier as a 27-year-old Moscow resident. Police say she had previously been deceived through an investment scheme herself and hoped to earn money by carrying out assignments. These circumstances form part of the authorities’ account of the ongoing investigation.