Cryptocurrency Scams on the Rise in India
Two recent cases in India highlight the growing threat of cryptocurrency scams. In one incident, a resident of Sector 63 lost ₹37 lakh to fraudsters who lured her into a fake investment scheme. The victim, Neha Sharma, was initially enticed by small payments for completing simple tasks, which then escalated into larger investments. The fraudsters convinced her to transfer funds to various bank accounts under the guise of a cryptocurrency investment scheme, creating a false sense of legitimacy by displaying increasing amounts in her supposed investment account. The police are investigating the case under Sections 419, 420, and 120-B of the Indian Penal Code.
In another case, a senior auditor, Kuldeep Singh, fell prey to an online investment scam, losing ₹8.75 lakh. Singh was approached by individuals on WhatsApp who promised lucrative returns on investments in stocks. He was led to transfer funds to various bank accounts provided by the fraudsters, who created a convincing facade of a legitimate stock trading group. The police are investigating the case under Sections 419, 420, 467, 468, 471, and 120-B of the IPC.
These incidents serve as a reminder that cryptocurrency scams are a serious threat. Fraudsters often exploit people’s desire for quick and easy profits by creating elaborate schemes that appear legitimate. It is crucial to remain vigilant and conduct thorough research before investing in any cryptocurrency project. Always verify the legitimacy of a project and be wary of promises of high returns with little or no risk.
Here are some tips to protect yourself from cryptocurrency scams:
- Be cautious of unsolicited messages or calls offering investment opportunities.
- Never share your private keys or seed phrases with anyone.
- Do your own research (DYOR) on any project before investing.
- Verify the legitimacy of a project through reputable sources.
- Only invest what you can afford to lose.
- If you suspect you have been a victim of a scam, report it to the authorities immediately.
If you are interested in learning more about cryptocurrency, there are many resources available online. The Coinbase website offers educational materials and a platform for buying and selling cryptocurrencies.
