Crypto Scam: Indian Engineer Loses $15,000 on Telegram

In the wake of growing crypto scams in the country, an Indian engineer from Delhi lost $15,000 on Telegram, as reported by local media in the region.

Indian engineer falls prey to crypto scam

ANI on Wednesday reported that an engineer from Delhi had fallen prey to a digital scam on Telegram. The victim has allegedly lost around $15,000, which is a big amount in the local currency.

An unknown sender messaged the victim on Telegram with an offer for him to invest in cryptocurrencies. He agreed to invest and joined a Telegram group sensing no threat and thinking that the offer was genuine. The will to enhance his investments and make more money saw the victim eventually say yes to all the demands put forth. He was first required to invest $120.43 and was rewarded with $180.65  in return.

His confidence increased, and he began to make plans for additional investments. He ultimately decided to invest an additional $15,000. However, as soon as he made a sizable investment, the con artists ceased contact with him and refused to give him any money back.

Indian investors easy target for crypto scammers

According to a survey done by a local media organization, Indian investors easily fall prey to crypto scams. Most of these scams take place on the platform Telegram itself.

A lack of digital awareness and inexperience of new investors and the lack of regulations make the Indian audience more.  Believing anyone and anything online makes it easier for fraudsters to scam the Indian masses.

Government imposes stricter laws amid increased crypto scams

The Indian government has started imposing stricter laws to curb the sheer number of crypto scams.

Previously the Financial Intelligence Unit (FIU) had sent a show cause notice to nine offshore cryptocurrency exchanges. The FIU sent a the stating that the exchanges were “illegally operating” and had violated India’s anti-money laundering laws.

The government has also included digital assets under its watch list making money laundering provisions applicable to India’s cryptocurrency markets as well.