Investor Loses Over $120,500 in Crypto Scam by Romantic Partner
An Indian software engineer named Kuldeep Patel recently reported losing more than $120,500 in a crypto scam orchestrated by his romantic partner. Patel met a woman named Aditi Patel on a matrimonial website, who portrayed herself as a UK-based import-export businessperson. She convinced Patel to invest in a fraudulent cryptocurrency called Banocoin, promising high returns.
Investing in the Scam Token
Aditi Patel provided Kuldeep Patel with a contact number for the cryptocurrency firm’s customer care executive, gaining his trust. Based on police reports, Patel invested around $120,500 in 18 transactions between July and August. Initially, he received a profit of $78 USDT on a $1,200 investment, which led him to make further investments.
Fraudulent Customer Care and Unresponsiveness
Patel became suspicious when he was unable to withdraw funds from his account. The fraudulent customer care informed him that his account was frozen and required additional investments to operate. When he tried to contact Aditi, she stopped responding. Realizing he had fallen victim to a cyber scam, Patel approached the authorities.
Rising Crypto Scams in India
Crypto scams are becoming increasingly prevalent in India, with unsuspecting individuals losing their money within minutes. Recently, Karl Sebastian Greenwood, co-founder of OneCoin, was sentenced to 20 years in prison for orchestrating a massive crypto scam that defrauded millions of investors worldwide.
In another case, authorities uncovered a $120 million crypto scam involving the STA token through a Ponzi scheme. Additionally, a businessman in Hyderabad lost approximately $242,000 in just two months to a social media scam promoting fictitious crypto trading platforms.
Hot Take: Beware of Crypto Scams and Exercise Caution
These incidents highlight the importance of being cautious and conducting thorough research before investing in cryptocurrencies. It is crucial to verify the credibility of individuals and platforms involved in such investments. With the rising number of crypto scams, it is essential to stay informed and vigilant to protect your hard-earned money.
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