An Indian national has fallen for a fake crypto investment scheme, losing over $25,000 (21.9 lakh). The Dombivli resident fell for the scam after the high-yield return on investment promised by the criminals enticed him. According to reports, the 33-year-old Indian native of Thane district subsequently reported to the police upon realizing that he had been scammed. Reports said the Indian national, whose identity remains undisclosed, was contacted via his mobile phone. The other phone number was an international number posing as a representative of a lucrative crypto investment company. The police said that the caller spent time convincing the man to invest in Bitcoin and other digital assets, promising high-yield returns in a short time. Indian man falls for fake crypto investment scheme According to reports, the first contact was initiated days earlier before the man started to transfer money to the caller. He began transferring funds on November 8, and the criminal continued to influence him to make more investments before he stopped on December 3. While he trusted the criminal’s assurances, he sent funds totaling over $25,000 in local currency during the period. Things turned sour when the victim wanted to take out his earnings. According to sources, the representative stopped picking up his phone calls and stopped giving him updates on his investments after he signified his intention. Following the disappointment, the victim has since reported to the police, who have formally acknowledged his complaint. His complaint has been registered under the Information Technology Act, the regulation that covers these sorts of criminal offenses. Although the police are yet to give any major update on the issue, an official noted that investigations are already underway. He mentioned that moves are being made to track the international number to determine its origin. This would lead the police to identify the individuals or group associated with the criminal activities. Meanwhile, the official is confident that the case will be wrapped up, and that the victim will recover his funds. The surge in crypto investment scams in the industry According to sources, the police have always warned the general public on the need for caution before making investments. The authorities have urged the people to verify the legitimacy of any platform before sending funds to invest in products. India has also seen its share of increased crypto frauds , with criminals exploiting the lack of regulation to carry out their evil acts. Sources mentioned that the victims are always contacted using phishing emails, fake high yield platforms, and cold calls. This case also showcases the growing trend of criminal activities in the wider crypto industry. While the crypto sector promises innovation in the financial landscape, the activities of these bad actors are some of the few things disrupting wide-range adoption. For example, in this case, unsuspecting users are lured with the promise of high yields . In the spirit of not wanting to miss out on profits, most will invest without background checks, leading to them being scammed. Meanwhile, the police have urged residents to be cautious and stay vigilant. Residents are also asked to report all suspicious activities, messages, emails, and phone calls they may see. They also advised residents to see people with knowledge in the financial investment landscape, as they will guide them to make the right choices. While the police continue investigating the case, the officials noted that further details will be communicated soon. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
