HIGHLIGHTS
The victim was added to a Telegram group where people appeared to be discussing cryptocurrency investment opportunities
A woman from the group contacted the victim and assured him that he could earn high profits on investments in cryptocurrency.
Believing her, the man first invested Rs 10,000.
In today’s digital world, many people are turning to cryptocurrency in hopes of making quick money. But not every opportunity is what it seems. A 47-year-old man recently lost Rs 1.6 crore after falling victim to a crypto investment scam. This is an important reminder of how online fraudsters are taking advantage of innocent investors. Keep reading to know how the scam unfolded and how you can avoid falling for such scams.
The victim was added to a Telegram group where people appeared to be discussing cryptocurrency investment opportunities. Soon, a woman from the group contacted the victim and assured him that he could earn high profits on investments in cryptocurrency, reports TOI.
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Believing her, the man first invested Rs 10,000. The scammers then showed him fake profits to win his confidence. Encouraged, the man was told that if he paid a Rs 5 lakh membership fee, he could invest larger sums and earn even higher returns. He believed them and started transferring money in parts. Within just seven days, he had paid over Rs 1 crore.
When he later tried to withdraw his money, the fraudsters told him he needed to pay a commission first. They kept giving different excuses and demanded more money. Hoping to get his returns, he paid another Rs 30 lakh.
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Eventually, the scammers stopped responding to his messages and calls. That’s when he realised he had been cheated. He then approached the police.
How to avoid falling for such scams
- Beware of investment offers on Telegram, WhatsApp, or social media.
- Be sceptical of promises of quick or guaranteed returns.
- Never pay upfront fees or membership charges to invest.
- Only invest through verified and well-known platforms.
- Report suspicious online activities.
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Ayushi Jain
Tech news writer by day, BGMI player by night. Combining my passion for tech and gaming to bring you the latest in both worlds. View Full Profile
