Indian Man Loses $25,000 After Call from “Crypto Investment Program”

A sophisticated cryptocurrency scam has recently been uncovered in India, where a 33-year-old man from the Dombivli area of Thane district lost over $25,000 after falling for a fraudulent investment scheme.

The incident began when the victim received a call from an international phone number. The caller posed as a representative of a cryptocurrency investment company. Through a series of persuasive calls, the scammer convinced the victim of the potential for quick profits by investing in Bitcoin and other cryptocurrencies.

Enticed by these promises, the man began transferring money on November 8. Over the course of nearly a month, from November 8 to December 3, he made multiple transactions as per the scammer’s requests, totaling over $25,000. However, when he attempted to withdraw his purported earnings, the scammer cut off all communication and ceased providing updates on the investments.

Realizing he had been duped, the victim reported the incident to the police. The case has been registered under the Information Technology Act. Authorities are actively investigating, focusing on tracing the international phone number and identifying the culprit. Investigators remain optimistic about solving the case and recovering the victim’s funds.

This incident once again highlights the growing wave of cryptocurrency scams, not just in India but globally. Scammers often employ sophisticated tactics such as phishing emails, creating fake investment platforms, and making unsolicited investment pitches.

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While blockchain technology and cryptocurrencies offer immense opportunities for innovation in the financial sector, scams like this can erode public trust and hinder the industry’s growth. Many individuals, driven by the allure of high returns, skip necessary due diligence and fall victim to such schemes.

Authorities have urged the public to exercise extreme caution, seek financial experts’ advice before investing in the cryptocurrency market, and promptly report any suspicious activity.

The investigation is ongoing, and the police have promised to release additional details soon.