MBA Student Allegedly Duped Of Rs 23 Lakh In Cryptocurrency Investment Scam

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New Delhi: A 28-year-old man, enrolled in an MBA course at a college in Nagpur, Maharashtra, has reportedly fallen victim to a cryptocurrency investment scam, losing a huge Rs 23 lakh.

What Is The Case?

According to officials from the Wathoda police station, the student, originally from Hooghly, West Bengal, was approached by a fraudster posing as an investment advisor via the Telegram messaging platform on November 17, 2023. ()

The scammer enticed the student with promises of lucrative returns through a cryptocurrency scheme. ()

To gain the student's trust, the fraudster instructed him to deposit Rs 1,000 into a specified bank account. In return, the student received Rs 1,400, reinforcing his belief in the scheme.

As time progressed, the student continued to invest, eventually depositing a total of Rs 23 lakh into the account, hoping to reap the promised profits. Unfortunately, neither the returns materialized nor could he retrieve the invested amount.

Legal Action And Investigation

Upon complaining, the police registered a case under relevant sections of the Indian Penal Code and the Information Technology Act. Investigations into the matter are currently underway.

Awareness And Caution Against Investment Frauds

Investment-related frauds come in various forms, including Ponzi schemes and fraudulent investment schemes offering unrealistic returns. Preventing such scams necessitates regulatory oversight, investor education, and due diligence.