HIGHLIGHTS

A victim joined a Telegram group discussing cryptocurrency investment opportunities

A female group member approached the victim, promising high profits from cryptocurrency investments

The man initially invested Rs 10,000 based on her assurances

In the modern digital landscape, an increasing number of individuals are venturing into cryptocurrency, attracted by the allure of quick financial gains. However, not all these opportunities are genuine. Recently, a 47-year-old man found himself entangled in a cryptocurrency investment scam, resulting in a staggering loss of Rs 1.6 crore. This unfortunate incident underscores the growing trend of online fraudsters preying on unsuspecting investors. In the following passages, we’ll delve into the details of the scam and offer insights on how to protect yourself from falling victim to similar schemes.

The sequence of events began when the victim was invited to join a Telegram group, a platform where users were seemingly engaged in discussions about cryptocurrency investments. Shortly thereafter, a woman in the group directly contacted him, insisting that he could reap substantial profits by investing in cryptocurrencies, as reported by TOI.

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Trusting her words, the man decided to make a modest initial investment of Rs 10,000. The scammers then manipulated the situation by displaying fabricated profit reports, which solidified his confidence in their operations. With increasing enthusiasm, the scammers suggested that to invest larger amounts and secure even greater returns, he would need to pay a membership fee of Rs 5 lakh. Highly swayed by this enticing offer, he began transferring funds in increments, and within a mere week, his total contributions exceeded Rs 1 crore.

However, when he attempted to withdraw his so-called profits, the fraudsters devised elaborate excuses, claiming he needed to settle a commission fee first. As they continued to invent various justifications, he remained hopeful of recovering his investments and eventually forked out an additional Rs 30 lakh.

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Eventually, the scammers ceased all communication, ignoring his messages and calls. It was then that he comprehended the reality of the deception and sought assistance from the local police.

How to Safeguard Yourself Against Such Scams

• Exercise caution regarding investment propositions offered on platforms like Telegram, WhatsApp, or social media.
• Maintain a healthy skepticism about promises of quick or guaranteed financial returns.
• Refrain from paying any upfront fees or membership charges to participate in investment schemes.
• Ensure that your investments are channeled through reputable and verified platforms.
• Report any suspicious online activities to appropriate authorities.

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