A man fell victim to a scam involving approximately Rs 1.2 crore after being contacted online by con artists. He thought he was making more money with an app.
The number of incidents involving online scams in the country has increased since the year began. Never give your hard-earned money to strangers to avoid becoming a victim of these scams. Scammers frequently don’t reveal their plans right away. As scams get more complicated, con artists try to win over their victims’ trust little by little. In recent months, there has also been an increase in online investment scams. In a related incident, a man from Kollam, Thiruvananthapuram, also lost roughly Rs 1.2 crore.
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A 35-year-old Kollam, Kerala, businessman lost Rs 1.20 crore in a Chinese cryptocurrency scam, according to a report. The victim was added by the con artist to a social media chat group in June 2023. The group members claimed that they had benefited from the company. The victim initially decided against joining the group because she was unsure of their goals. But in the end, he was tricked into funding a fraudulent cryptocurrency trading business.
After converting the US dollars to cryptocurrency, the victim invested them in the business. He was told that the returns depended on the cryptocurrency’s constantly changing rate. Because of the volatility of the price of gold. He was assured of substantial returns on his investment, but they could only be obtained once every seven days.
The victim invested the US dollars in the company after converting them to cryptocurrency. He was informed that the returns were contingent upon the ever-evolving rate of the cryptocurrency. The app showed him his profits, which gave him the impression that it was a legitimate trading company.
The person was required to pay the service charge and tax, which is more than Rs 30 lakh, when the profit started to accumulate. It was the point when he realized that he was being duped.
Indian and Chinese nationals appear to be involved in the scam, according to the cyber investigation team looking into the case. The embezzled funds were sent as cryptocurrency out of the nation.
How the fraud performed?
Potential victims were invited to a social media chat group that the con artists established. They then asserted that they had profited from the company and assured investors of substantial returns. In order to give the victim a sense of legitimacy, the scammers would show profits in the app once the victim invested in the phony cryptocurrency trading company. However, service fees and taxes would need to be paid by the victim when they attempted to withdraw the profits. Until the victim realized they were being duped, this would go on.
How to stay safe
The best way to keep yourself out of these types of scams is to never give your hard-earned money to strangers. You can find many reliable financial investors who are capable of assisting you with your investments. If you are not sure which investments to make, it is best to speak with experts rather than searching online for schemes.
Additionally, scammers are increasingly contacting people in the nation through Telegram and WhatsApp. It’s best to block and report a user if you receive a suspicious message from an unidentified number.