A 53-year-old engineer in Bengaluru fell victim to a scam, losing Rs 95 lakh after being persuaded to invest in bitcoins by an individual named Sonia Shenoy. The victim, a resident of the Shantinagar area, encountered Shenoy on Instagram in 2021, where she claimed to work for a multinational investment company specializing in bitcoins.
Trusting Shenoy, the engineer invested Rs 95 lakh between January 2022 and 2023. In July 2022, Shenoy informed him that a profit of Rs 2 crore was ready but required a payment of Rs 50 lakh for TDS (Tax Deducted at Source). The victim, still trusting Shenoy, managed to arrange the Rs 50 lakh by taking personal loans from different banks, anticipating a return of Rs 2 crore.
However, as time passed, the engineer realized he had been deceived, and the promised profit never materialized. This incident highlights the risks associated with fraudulent schemes involving cryptocurrency investments.
Unfortunately, this is not an isolated case in Bengaluru. In a similar incident in 2021, another resident of the city, a crypto trader with limited trading experience, lost Rs 10 lakh to a scammer promising higher returns and assistance in managing his account. The victim, a lecturer at a private college, filed a complaint with the local police after suffering financial losses.
These cases underscore the importance of caution and due diligence when engaging in cryptocurrency investments or responding to investment proposals, especially those received through social media platforms. Authorities have repeatedly warned the public about the prevalence of scams and fraudulent schemes in the digital asset space.
Cryptocurrency-related scams often involve promises of quick and substantial returns, coupled with requests for additional payments or fees. Investors should exercise caution, thoroughly research investment opportunities, and seek advice from financial professionals before committing funds. Additionally, it is crucial to verify the legitimacy of individuals or companies offering investment opportunities and to report any suspicious activity to the relevant authorities.
As the popularity of cryptocurrencies grows, so does the need for awareness and education to protect individuals from falling victim to scams. Public awareness campaigns, regulatory measures, and responsible investment practices can contribute to mitigating the risks associated with cryptocurrency investments and promoting a safer investment environment.
