A WhatsApp message promising profits led a Ralegaon trader into a cryptocurrency trap that drained his savings and bank loans within weeks.
A hardware trader in Ralegaon lost Rs. 1.37 crore after falling prey to a cryptocurrency and forex scam promising high returns. Manish Kantilal Bora filed a complaint with the Ralegaon police, leading to a case against a woman and other unidentified individuals.
The complaint states that Bora received a WhatsApp message on November 4. A woman identifying herself as Ankita Agrawal called him, offering large profits through cryptocurrency and forex trading. She sent Bora a link to download an app called “S Fox” and initially encouraged small transactions to build trust.
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Bora was then instructed to transfer funds into multiple bank accounts for trading. The app displayed inflated, fake profits, convincing him to invest not only his business funds but also loans from banks. In total, Bora deposited Rs. 1.37 crore.
When he attempted to withdraw his original investment, the accused cited technical issues and eventually refused to release the funds. Realising he had been defrauded, Bora approached the police.
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Tips to Prevent Cryptocurrency Scams
Cryptocurrency investments carry high risks, and market fluctuations can result in significant gains or losses. Experts recommend consulting a qualified financial advisor before investing. However, you can follow these precautions to stay safe:
- Avoid platforms that ask you to deposit directly from your personal accounts instead of through a verified exchange.
- Focus on established cryptocurrencies like Bitcoin or Ethereum, but remember, even these are volatile.
- Be cautious of coins linked to pop culture, movies, or memes, as they often turn out to be scams.
- Verify if any crypto ICO is registered with the SEC. Lack of registration may indicate fraud.
- Never provide upfront payments, private keys, or make payments via gift cards or wire transfers.
- Use hardware wallets (cold storage) for securing assets against online hacks, but ensure the wallet is safely stored.
Following these measures can reduce the risk of falling victim to cryptocurrency fraud.
The article originally appeared on Hindustan Times
