It all began two years ago when the engineer crossed paths with a woman named Sonia Shenoy on Instagram, who allegedly represented an esteemed international investment firm specializing in bitcoin trading. Intrigued, the man decided to invest more than $114,000 in Bitcoin upon Shenoy’s insistence.
However, the situation took an unexpected turn last July when Shenoy purportedly informed the engineer that he had made a whopping Rs 2 crore ($240,000) in profits. But to withdraw the money, a significant sum of 50 lakhs (around $60,000) needed to be paid as tax withheld at source (TDS). Trusting his acquaintance blindly, the engineer took out loans from different banks to amass the required amount, hoping to finally access his “profit.” However, months passed, and no profit materialized. It was then that the realization dawned upon him – he had been hoodwinked.
Unfortunately, such fraudulent cases are not uncommon in India. Just last November, the Indian police apprehended 18 individuals suspected to be involved in the Korvio Coin cryptocurrency scam. In response to the rising wave of digital asset fraud, around 3,000 Indian police officers have received specialized training to tackle cryptocurrency-related crimes.
Moreover, the Federal Bureau of Investigation (FBI) has cautioned the public about the heightened activity of cryptocurrency scammers during the holiday season, capitalizing on the vulnerability and loneliness some individuals may experience.