Indian Engineer Loses Rs 95 Lakh in Cryptocurrency Scam
An Indian engineer, aged 53, has fallen victim to a cryptocurrency investment scam, resulting in a loss of Rs 95 lakh (US$114,230). The engineer was deceived by someone named Sonia Shenoy, who claimed to represent a global investment firm dealing in Bitcoin (BTC). Trusting Shenoy’s representations, the engineer decided to invest over $114,000 worth of BTC last January.
A Mirage Turns into Devastating Reality
In July, Shenoy informed the victim about an anticipated profit of Rs 2 crore (US$240,000) but with a catch – a payment of Rs 50 lakh for TDS (Tax Deducted at Source) was required. The engineer procured the requested amount by taking loans from various banks. However, as time passed, it became clear that the promised profit was nothing more than a mirage. The victim realized he had been duped.
Risks in the Crypto Market
This unfortunate case is not an isolated incident in Bengaluru. In 2021, another individual lost Rs 10 lakh (US$12,000) to a scammer who offered to manage their trading account. The crypto market holds potential for legitimate gains but also harbors risks. Recently, there have been reports of losses up to $880,000 in cryptocurrencies due to a Discord scam. Additionally, scammers have started impersonating VC executives.
Hot Take: Stay Vigilant and Educated in the Crypto Space
As a crypto reader, it’s crucial to remain vigilant and educated when navigating the cryptocurrency space. Be wary of promises that seem too good to be true and exercise caution when dealing with unfamiliar individuals or investment opportunities. Remember that the crypto market is not immune to scams and fraudulent schemes. Take the necessary steps to protect your investments, such as conducting thorough research, seeking advice from reputable sources, and staying informed about the latest scams and warning signs.
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