Indian IT Engineer Falls For A Crypto Scam, Loses More Than $122K

An Indian software engineer has lost approximately $122,000 (INR 10 million) to a cryptocurrency scam after falling prey to tricksters' bait. The techie was lured into the scam by fraudsters posing as executives of a U.K.-based crypto trading platform.

The fraudsters contacted the victim over the phone and convinced him to invest in their company, promising hefty returns, The Times Of India reported Sunday. They allegedly convinced him to download an application that allowed them to remotely access his phone and online banking details. After gaining access to his account, the scammers siphoned off the said amount from the victim's account.

The victim realized that he had been duped when he received several messages from his bank alerting him of unauthorized transactions.

Police have registered a case against the unknown fraudsters and are investigating the matter.

Police officials have warned the public against falling prey to such scams and urged people to be cautious while investing in cryptocurrencies. They advised the public to conduct thorough research before investing and to verify the authenticity of the platform and the people associated with it.

Cryptocurrency scams have become increasingly common in recent years, with fraudsters using a variety of tactics to trick unsuspecting investors. These scams often involve promises of quick and easy returns, and victims are often lured in through social media platforms or unsolicited emails and phone calls.

To avoid falling prey to such scams, experts advise investors to exercise caution and skepticism when approached by unsolicited investment opportunities. They recommend thoroughly researching the platform and the people behind it, and avoiding investing more than one can afford to lose.

This unfortunate incident is a stark reminder of the risks associated with cryptocurrency investments and the need for vigilance and caution while dealing with online financial transactions.

In a similar incident, two other Indians lost around $23,000 owing to a cryptocurrency fraud.