First of all,
Scammers are taking advantage of the popularity of cryptocurrencies to pose a new threat to cryptocurrency investors in an era dominated by internet frauds. The Times of India recently published an article detailing the predicament of a 53-year-old engineer from Bengaluru who lost an incredible Rs 95 lakhs in an investment program involving Bitcoin due to a crypto fraud.
The Unraveling Scheme: In 2021, the engineer from Shanti Nagar met Sonia Shenoy on Instagram and struck up a friendship that would eventually cause him to lose a lot of money. Shenoy used a story of deceptive promises and enormous earnings to convince the victim to spend Rs 95 lakhs in Bitcoin over the course of the next two years (2022 and 2023).
Shenoy promised the victim he worked for a large global organization that dealt in Bitcoin and that he would make a sizable profit of Rs 2 crore by July 2022. But there was a caveat to this windfall: Rs 50 lakhs had to be paid in Tax Deducted at Source (TDS).
The Deceitful Path:
The victim fell for the con artist’s demands, arranging an extra Rs 50 lakhs to unlock the promised Rs 2 crores, after believing Shenoy’s guarantees. The engineer turned to taking out personal loans from other banks in order to obtain these cash. The culmination of the fraud occurred when Shenoy was unable to transmit the imaginary profit of Rs 2 crore, leaving the victim to struggle with the understanding that he had been duped by a highly skilled cryptocurrency investment scam.
Protecting Yourself from Scams: Scammers usually use tiny first payouts to build confidence while making unreasonably large return promises, whether they are posing as employment or cryptocurrency investment scams. Being watchful is essential to avoiding these traps. Never interact with strangers who offer improbable profits, and be wary of internet advertisements that make extravagant promises.
Scammers frequently use apps like WhatsApp, Instagram, and Telegram to find possible victims. Avoid clicking on suspicious links and be wary of unsolicited messages from people you don’t know.
In conclusion, the event serves as a sobering reminder of the sophisticated strategies con artists are using in the internet era to take advantage of gullible people. Investor interest in the cryptocurrency space is growing, but it’s important to be vigilant and knowledgeable to avoid falling for shady scams.
