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Indian Engineer Loses $114k To Crypto Investment Scam

27.12.2023
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Indian Engineer Loses $114k To Crypto Investment Scam

In a distressing disclosure, a 53-year-old Indian engineer recently fell prey to a crypto investment scam that resulted in a loss of Rs 95 lakh — equivalent to US$114,230.

The unsuspecting victim, who lives in the Indian city of Bengaluru, was lured into the scam by a person named Sonia Shenoy, whom he met on Instagram two years back. Shenoy purported to represent a global investment firm dealing in Bitcoin (BTC).

The engineer trusted Shenoy’s representations and decided to invest over $114,000 worth of BTC last January, per the report.

See Also: Kronos Research Halts Operations After Losing $26 Million In Security Breach

The plot thickened from last July when Shenoy, weaving a web of deception, told the victim that a substantial profit of Rs 2 crore (US$240,000) awaited him.

However, this windfall came with a catch – a payment of Rs 50 lakh for TDS (Tax Deducted at Source) was allegedly required. Undeterred and still trusting Shenoy, the engineer procure the requested amount by taking loans from various banks.

As the months unfolded, the harsh reality dawned on the engineer that the promised profit was nothing more than a mirage.

The anticipated profit never came, leaving the victim grappling with the devastating realization that he had been duped.

Regrettably, this case is not an anomaly in Bengaluru. In 2021, a neophyte crypto trader and college lecturer living in the city lost Rs 10 lakh (US$12,000) to a scammer who suggested that he would be allowed to manage his trading account.

The scammer promised lofty returns, which were never priced in.

See Also: Indexed Finance Attacker Attempted Another Exploit Relevant Feed

The crypto market, while holding potential for legitimate gains, also harbors risks. Recently, crypto community sleuth ZachXBT called attention to another crypto Discord scam that reportedly resulted in losses of up to $880,000 in cryptocurrencies.

The FBI also warned this month that scammers have begun impersonating VC executives.

The post Indian Engineer Loses $114k To Crypto Investment Scam appeared first on BitcoinWorld.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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