Crypto Scam: Indian Engineer Loses $15,000 on Telegram
In yet another incident highlighting the growing crypto scams in India, an engineer from Delhi has reported losing $15,000 in a scam on Telegram. The local media in the region has covered the unfortunate incident.
According to ANI, the engineer received a message from an unknown sender on Telegram, offering him an opportunity to invest in cryptocurrencies. Falling victim to the scam, the engineer joined a Telegram group believing it to be a genuine offer. As his confidence grew, he agreed to all the demands put forth by the scammers, including investments of varying amounts. Initially, he invested $120.43 and received $180.65 in return, which further encouraged him to invest more. Eventually, he decided to invest a substantial sum of $15,000. However, as soon as he made the significant investment, the fraudsters disappeared, leaving him empty-handed.
Unfortunately, Indian investors are often easy targets for crypto scammers. According to a local media survey, many of these scams take place on platforms like Telegram. The lack of digital awareness, inexperience of new investors, and the absence of strict regulations make Indian investors vulnerable to such scams. The eagerness to amplify their investments and earn more money often blinds them to the risks involved.
In response to the increasing number of crypto scams, the Indian government has started implementing stricter laws. The Financial Intelligence Unit (FIU) recently issued show cause notices to nine offshore cryptocurrency exchanges, accusing them of illegally operating and violating the country’s anti-money laundering laws. The government has also included digital assets in its watchlist, enforcing money laundering provisions for the cryptocurrency markets in India.
It is crucial for individuals to exercise caution and conduct thorough research before engaging in any cryptocurrency investment. Vigilance and awareness are essential tools in preventing falling victim to scams and fraudulent schemes.