Bengaluru Engineer Falls Victim To Bitcoin Investment Scam; Loses 95 Lakhs

In a recent incident, a 53-year-old engineer from Bengaluru has fallen prey to a Bitcoin investment scam, losing a staggering 95 lakhs to a fraudulent scheme.

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New Delhi: In an era dominated by technology, the rise in online activities has unfortunately given way to an alarming increase in various forms of cybercrimes, particularly online scams. Individuals across the globe are falling prey to sophisticated schemes, from job scams to cryptocurrency frauds.

In a recent incident reported by the Times of India, a 53-year-old engineer from Bengaluru has fallen prey to a Bitcoin investment scam, losing a staggering 95 lakhs to a fraudulent scheme. ()

The victim, a resident of Shanti Nagar, encountered a person named Sonia Shenoy on Instagram in 2021, who befriended him over the last two years. Claiming to work for a multinational company dealing in Bitcoin, Shenoy convinced the man to invest Rs 95 lakhs in the cryptocurrency. ()

Trusting the promises made by Shenoy, the victim invested in June 2022. In July, he was informed that a profit of Rs 2 crores was ready, but he needed to pay Rs 50 lakhs towards TDS (Tax Deducted at Source). Falling into the trap, the man arranged an additional Rs 50 lakhs, taking personal loans from various banks.

However, as the victim eagerly awaited the promised Rs 2 crores, he realized he had been duped. The entire incident was reported in the official complaint filed by the man.

How To Stay Safe From Such Scams?

Whether it's a job scam or a crypto investment scam, the modus operandi remains consistent. Scammers establish contact, promise unrealistically high returns, provide small payouts initially to build trust, and then demand larger investments. When victims seek returns, scammers ask for additional fees or payments, trapping individuals in a fraudulent cycle.

To Avoid Falling Victim To Such Scams:

Avoid Interaction with Strangers Online: Refrain from engaging with random strangers on the internet who promise unrealistic gains or opportunities.

Beware Of Ads Making Unrealistic Promises

Exercise caution when encountering online advertisements promising high returns. Avoid clicking on such ads to prevent potential scams.

Stay Cautious On Messaging Platforms

Scammers often use platforms like Telegram, Instagram, and WhatsApp to connect with potential victims. Be wary of new contacts in your direct messages (DMs) and approach such interactions with caution.