In a stark reminder of the risks in digital finance, a 48-year-old businessman from Ahmedabad has lost Rs. 1.92 crore (approximately $221K) in an elaborate cryptocurrency scam. What started as an innocent friend request on social media soon turned into a high-stakes fraud, leaving the victim with only a fraction of his invested money.
๐ญ The Scam Begins
In August 2024, the businessman received a friend request from a woman claiming to run a gym equipment business in Dubai and Mumbai. Their friendly chats moved to WhatsApp, where she introduced him to a โguaranteed profitโ crypto investment platform.
To make the scam look real, she claimed her uncle was a senior officer at a top American financial firm and could guide him in investing. Impressed by her connections, the businessman made his first investment of $500, which quickly earned a $250 profit. This early success convinced him to invest bigger amounts without suspecting foul play.
๐ The Investment Grows, But So Do the Red Flags
Encouraged by initial profits, the businessman increased his investments, eventually seeing his account balance grow to Rs. 6 crore (~$692K). However, when he tried to withdraw Rs. 77 lakh, he was suddenly asked to pay a 20% โtaxโ upfront before accessing his funds.
This unexpected demand raised red flags ๐ฉ. When he questioned the tax, the scammer stopped responding, and further investigation revealed that the entire investment platform was fake.
๐ Police Investigation & Losses
Realizing he had been scammed, the businessman could only recover Rs. 92,000 from his Rs. 1.92 crore investment. Shocked by the loss, he filed a complaint with the Cybercrime police, who have registered a case for:
โ Criminal Conspiracy
โ Cheating by Impersonation
โ Criminal Breach of Trust
Authorities are now investigating the case as part of a wider crackdown on online fraud, warning others about similar scams.
โ ๏ธ Lessons for Crypto Investors
๐ก Do Your Research: Always verify the legitimacy of any investment opportunity, especially those introduced via social media.
๐ซ Beware of Unsolicited Offers: Random friend requests & investment tips from strangers should be treated with suspicion.
๐ข Trust But Verify: Early gains can be tempting, but scammers use them to trap victims into bigger investments.
๐ผ Use Trusted Platforms: Always invest through regulated and well-known crypto exchanges.
๐จโ๐ผ Consult Professionals: Seek advice from financial experts before making high-stakes investments.
โ๏ธ Final Takeaway
This case is a wake-up call for all crypto investors. The rise of crypto scams on social media shows how fraudsters are getting more sophisticated. If something sounds too good to be true, it probably is!
๐น Stay vigilant, stay informed, and protect your investments. ๐น
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