Crypto Investment Scam Hits Bengaluru Engineer: Rs 95 Lakh Lost in the Web of Deceit

Srishti Dey
Srishti Dey December 26, 2023
Updated 2023/12/26 at 4:20 PM

Introduction: Scammers’ techniques are evolving along with technology, and the most recent victim is a 53-year-old engineer from Bengaluru who was duped into investing in cryptocurrencies. The Times of India published a cautionary story about an engineer who lost an incredible Rs 95 lakhs to a con artist acting as an Instagram Bitcoin investment advisor. This instance emphasizes the importance of being vigilant in the constantly changing world of internet frauds.

The Deceitful Promise: In 2021, the engineer, who lived in Shanti Nagar, came across Sonia Shenoy on Instagram. The con artist persuaded the victim to spend a sizeable amount of money—Rs 95 lakhs—in Bitcoin over the course of the following two years by posing as an employee of an international business that deals in the cryptocurrency. False promises were used to lay the trap.

The Unraveling Scheme: The victim was informed in July 2022 that his Rs 2 crore profit was available for transfer, but that TDS (Tax Deducted at Source) would need to be paid in the amount of Rs 50 lakhs. As the engineer got more involved in the plan, he secured an extra Rs 50 lakhs by taking out personal loans from several banks. The promised windfall never arrived, and the scammer’s pledges proved to be hollow.

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Preventing Similar Scams: Scams typically operate along similar lines, whether they are related to employment or bitcoin investments. Scammers gain people’s trust by making big promises and giving away little amounts at first. Nevertheless, things take a dark turn when victims are forced to make bigger payments and more costs are requested, as in this situation was the case with TDS.

In summary, this regrettable event should serve as a clear warning to use caution when exploring the internet, particularly when it comes to investing in cryptocurrencies. People should be on the lookout for promises that appear too good to be true, emphasize doing extensive research before parting with their hard-earned money, and remain attentive as frauds change.



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