Beware of Bitcoin Investment Scams: Indian Businessman Loses Rs. 33.65 Lakhs

A 37-year-old businessman from Mira Road in Thane has reportedly lost Rs. 33.65 lahks after falling victim to a Bitcoin (BTC) investment scam promising high returns. The incident was reported to the police on Monday, who have registered a case against two individuals under section 420 of the Indian Penal Code.

The victim was introduced to the accused parties via a WhatsApp group, where he was approached by the group administrator and another individual in February 2022. The duo urged the businessman to invest in Bitcoin for lucrative returns, to which he agreed. Although he initially received good returns, he eventually suffered losses and stopped trading.

However, the accused individuals reconnected with the businessman and promised him guaranteed returns, demanding a 20% commission in return.

The victim noticed a sum of $2,47,210 (approximately Rs. 2 crore) in his Bitcoin account but was unable to withdraw the amount due to technical issues. After a few days, he received a message claiming that the Bitcoin application was frozen as the “contract has expired”. Following this, the accused individuals became unresponsive, prompting the businessman to file a complaint with the police..

At present, no arrests have been made, and an investigation is ongoing. Bitcoin is a virtual currency that is unregulated in India, raising concerns among central bankers globally. The Reserve Bank of India has previously cautioned users, holders, and traders of virtual currencies, including Bitcoin.

This incident serves as a warning for individuals who are considering investing in cryptocurrencies. Cryptocurrencies' decentralized nature, coupled with the lack of regulatory oversight, has made them an attractive target for fraudsters. It is essential to exercise caution when investing in these digital assets, and one must thoroughly research the investment opportunity and the parties involved before parting with their funds.

The incident is also a reminder of the risks associated with joining unknown WhatsApp groups and accepting investment offers from strangers. Individuals must exercise caution and be skeptical of investment opportunities that seem too good to be true. It is advisable to seek financial advice from a qualified professional before making any investment decisions.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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