New Delhi: In yet another alarming case of online fraud, a businessman from Sola, Gujarat, was duped of Rs 31 lakh in a cryptocurrency scam. The fraudster was pretending to be a crypto expert, first approached the victim through Facebook. What seemed like a friendly exchange soon turned into a well-orchestrated trap that wiped out the businessman’s savings, Mint reported.
The scam started when the businessman came across a woman on Facebook who claimed to work for CoinEx, a popular cryptocurrency trading platform. She convinced him to invest in crypto, promising an impressive 10 per cent return on his money. To make her story believable, she even sent him Rs 9,900 as an initial “profit,” gaining his confidence before the real fraud began.
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Encouraged by the initial “profit,” the businessman went on to transfer Rs 31 lakh in multiple installments to the bank accounts shared by the woman, the report said. But when he tried to withdraw his earnings, she demanded even more money to “process” the transaction. That’s when he discovered the shocking truth — the website he had been using was a fake version of the real CoinEx trading platform, according to the report.
I. Check for Genuine Platforms:
Trading in cryptocurrencies isn’t wrong, but it’s vital to ensure you’re using an authentic platform, not a fake one. Always verify the app’s credibility through reviews, download numbers, and official listings on the Google Play Store or Apple App Store.
II. Trust People You Know, Not Strangers Online:
Advice from friends or verified sources is different from random social media recommendations. Taking investment advice from a stranger online can make you an easy target for scams.
III. Be Wary of Unrealistic Promises:
If someone claims guaranteed high returns like the 10 per cent promise made in this case, treat it as a red flag. Cross-check such claims with real market data. No legitimate investment can assure fixed profits, especially in volatile markets.
IV. Avoid Greed-Driven Decisions:
Scammers often exploit investors’ greed during uncertain market conditions. Remember, quick and high returns are rare. Staying realistic and patient is the best defense against fraud.
V. Stay Alert to Honey Traps:
Many fraudsters use fake identities, often posing as attractive individuals on social media to gain trust. They build a friendly relationship before pitching fake investment schemes. Recognizing these patterns early can help you avoid financial and emotional manipulation.
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