Indian Engineer Got Scammed When Used Telegram for Crypto Investment

Popularity of Cryptocurrency Gave Birth to Many Crypto Scams

Currently, while investors are benefiting from the popularity of Cryptocurrency, it is also giving rise to many scams. Not only this, mostly educated people are being targeted in crypto related scams, which include doctors, engineers, teachers, actors and businessmen. The problem of crypto scams has given rise to a big problem at the global level. At the same time, Crypto scams are continuously increasing in India, in which Indian celebrities and educated people seem to be the target of crypto scammers.

Engineer Loses $15,000 Due to Crypto Scam in India

Recently, a case of crypto scam has come to light from India, in which an engineer has been made a victim of crypto scam. Actually, an unknown sender had proposed to the engineer to invest in Cryptocurrency on Telegram. The engineer agreed to the investment proposal and joined the Telegram group. The person did not fear any kind of danger by joining the group and felt that the offer was indeed genuine. After this, he moved forward with the desire to earn more money and accepted all the demands of that sender.

The sender first asked the person to invest $120.43 and in return promised a reward of $180.65. After this the engineer's confidence was confirmed and he decided to invest $15,000. As soon as the engineer transferred the money to the sender, the scammer ended communication with him and refused to return any money to him.

Telegram is Used More in Carrying Out Crypto Scams in India

This is not the first case in India, where an engineer i.e. an educated person has been trapped in such scams. Even before this, cases of many big crypto scams have been seen in India. The problem of crypto scam in India is not stopping. Investors in India are easily falling victim to crypto scams. According to the report, Telegram platform is mostly used in carrying out crypto scams in India. The reason behind this could be lack of digital awareness. The people of India have adopted the digital world, but doubts still arise regarding its proper use. Now the question arises how easily scammers can make an educated person their victim.

Government of India is Continuously Showing Strictness on Crypto

The Indian government is continuously implementing strict rules to deal with problems like crypto scams. Recently, the Financial Intelligence Unit (FIU) sent show cause notices to 9 offshore cryptocurrency exchanges. This notice was sent to these Cryptocurrency exchanges for operating illegally and failing to comply with the provisions mentioned in the Prevention of Money Laundering (PML) Act. With this, on January 10, 2024, Apple India Store took a big step and removed Binance, KuCoin and MEXC apps from its App Store. Despite the strictness shown by the Indian Government, scammers are not holding back from carrying out scams. In such a situation, if such incidents increase, the Indian government may take a more stringent stance on Cryptocurrency in the coming time.

Also Read : CoinGecko Assures Users of Measures to Secure Compromised Account