In a troubling incident highlighting the risks associated with cryptocurrency transactions, a 22-year-old man from Ahmedabad has fallen victim to a scam, losing a significant sum while trying to purchase USDT through a peer-to-peer platform. The document underscores a growing issue that many investors face in the volatile crypto market.
Victim's Profile and Initial Transaction
The victim, identified as Man Patel, a crypto and forex trader, was initially drawn into the scheme by a user named Jay Patel, who successfully processed a small transaction of 328 USDT for 30,000 INR. Encouraged by this initial success, Man proceeded to transfer a staggering 16 lakhs (approximately 18,000 USD) via RTGS, expecting to receive the promised cryptocurrency in return.
Escalation of the Fraud
However, after sending an additional payment of 3 lakhs, Man found himself unable to contact Jay Patel, who had ceased all communication. In response to the fraud, Man has filed a formal complaint with local authorities, leading to Jay Patel being charged with cheating under the IT Act.
Implications for Crypto Transactions in India
This incident underscores the growing prevalence of crypto-related scams in India, raising concerns about the safety of peer-to-peer transactions in the digital currency space.
