A 48-year-old Indian businessman from Ahmedabad became a victim of a cryptocurrency scam via social media, losing Rs. 1.92 crore ($221k).
Start of the Crypto Scam
According to reports, the scam began as many do, with a friendly interaction on Facebook. It quickly escalated to a messaging app, where the victim was introduced as an investor to a cryptocurrency platform.
Fraud Scheme and Authorities' Action
The Cybercrime unit registered a complaint. The victim decided to invest after an initial success but later was unable to withdraw their funds, being told to pay a 20% tax that was never mentioned before.
Public Warning
Authorities warn against engaging in dubious cryptocurrency schemes and recommend trusting only verified platforms and professionals to minimize the risk of losing funds.
This case highlights the need for increased awareness about cryptocurrency investments and calls for vigilance when using online platforms.
