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Indian businessman loses $221,000 in cryptocurrency fraud A 48-year-old businessman from Ahmedabad lost 1.92 Crore Rupees ($221,000) in a cryptocurrency investment scam after being tricked by a fraudster on Facebook.

How it happened: He accepted a friend request from a woman claiming to be in the fitness equipment industry. The conversations moved to WhatsApp, where she introduced him to a 'lucrative' cryptocurrency platform.

He initially invested $500, made a profit of $250, and was encouraged to invest more. His total investment reached Rs 6 crore ($692,000) before he attempted to withdraw.

He was asked to pay a 20% tax upfront – a red flag! The fraudster disappeared and the platform turned out to be fake.

Authorities take action: A complaint has been filed for criminal conspiracy, fraud by identity theft, and breach of trust.

Authorities warn against unverified cryptocurrency systems and recommend using trusted platforms.

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