Investment scams are on the rise globally, and India is no exception. The recent incident of a 60-year-old Mumbai woman losing nearly $30,000 in a crypto investment scam has once again highlighted the need for investors to be cautious before investing their hard-earned money.
The woman, who had registered on a matrimonial website to look for a life partner, was approached by a con man who promised her huge returns through bitcoin investments. The man, who claimed to be a US-based engineer, convinced her to invest nearly $30,000 in cryptocurrencies through a “guide” he had recommended.
At one point, the woman had $62,000 in her virtual account and wanted to withdraw the money. However, the con men demanded that she pay a currency conversion fee and taxes equivalent to $15,000 before they could release the funds. When she refused to pay, they stopped communicating with her, and her virtual account became dysfunctional.
This is not an isolated incident. In another case, a 49-year-old Mumbai woman was duped of nearly $12,500 when she was looking for a work-from-home opportunity and was asked by the fraudsters to invest in bitcoins. She realized that she was being cheated when she was asked to pay close to $10,000 just to withdraw her money.
These incidents highlight the need for investors to be cautious and vigilant before investing in any scheme. It is essential to research the investment opportunity thoroughly and seek advice from financial experts before committing any funds.
In India, crypto scams have become quite common, and investors’ lack of knowledge about crypto investments has made them vulnerable to fraud. The government has taken note of these incidents and has warned investors to be cautious. The authorities have also taken steps to crack down on crypto scams and bring the perpetrators to justice.
