Indian engineer loses $114K to crypto investment scam

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In a distressing disclosure, a 53-year-old Indian engineer just lately fell prey to a cryptocurrency funding rip-off that resulted in a lack of Rs 95 lakh — equal to US$114,230. 

The unsuspecting sufferer, who lives within the Indian metropolis of Bengaluru, was lured into the scam by an individual named Sonia Shenoy, whom he met on Instagram two years again. Shenoy presupposed to symbolize a worldwide funding agency dealing in Bitcoin (BTC).

The engineer trusted Shenoy’s representations and determined to take a position over $114,000 value of BTC final January, per the report. The plot thickened from final July when Shenoy, weaving an online of deception, informed the sufferer {that a} substantial revenue of Rs 2 crore (US$240,000) awaited him. 

Nevertheless, this windfall got here with a catch – a fee of Rs 50 lakh for TDS (Tax Deducted at Supply) was allegedly required. Undeterred and nonetheless trusting Shenoy, the engineer procured the requested quantity by taking loans from varied banks.

Because the months unfolded, the cruel actuality dawned on the engineer that the promised revenue was nothing greater than a mirage. The anticipated revenue by no means got here, leaving the sufferer grappling with the devastating realization that he had been duped.

Regrettably, this case just isn’t an anomaly in Bengaluru. In 2021, a neophyte crypto dealer and faculty lecturer residing within the metropolis misplaced Rs 10 lakh (US$12,000) to a scammer who advised that he can be allowed to handle his buying and selling account. The scammer promised lofty returns, which had been by no means priced in.

The crypto market, whereas holding potential for official good points, additionally harbors dangers. Just lately, crypto group sleuth ZachXBT called attention to a different crypto Discord rip-off that reportedly resulted in losses of as much as $880,000 in cryptocurrencies. The FBI additionally warned this month that scammers have begun impersonating VC executives.

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