STOI spoke to a few victims from Karnataka, Delhi, and Tamil Nadu and also came in contact with an alleged cyber fraudster to understand how the deceit plays out. Cheats offering advice on Telegram groups are behind most frauds.
A year ago, Delhi-based Nitin Vashishta was duped of about Rs 20 lakh. He bought 24,000 tether (USDT) from a genuine crypto exchange. On Telegram, he came in contact with a person who identified herself as Milanka and said she was an investment adviser working for a reputed firm. The woman used a Singapore virtual phone number. The scamster had the international number to gain the trust of targeted victims. She claimed to be based out of Hong Kong.
Milanka first asked Vashishta to register himself on a website and sent him the link. When he registered on the website using his mail ID and phone number, he was assigned a new digital wallet. The woman then told him to start trading. He bought USDT on an exchange. For further trading, he transferred the same to the new wallet assigned to him on the website. But he was not able to withdraw the USDT. The woman said he had to pay 30% commission of the total amount in the wallet to withdraw. His account was frozen. Even after he paid the commission, the fraudster told Vashishta that he had to pay more tax as withdrawing without taxes would be flagged as money laundering. Soon, the website too was taken down.
Another victim, Lokesh (name changed), said the wallet into which he was convinced to move his cryptocurrency was a fake digital wallet created by the scamsters. It looked like a mirror wallet and the cryptocurrency he was adding to the wallet was actually being directed into some other account. Lokesh lost about Rs 1 crore.
STOI got in touch with Milanka, who, incidentally, was using an Indian international number and spoke in Hindi. When asked about investment, the call was disconnected. On Telegram, Milanka told this reporter to register on the website and sent a link. When asked for a telephonic conversation, she said she does not use a microphone and can’t talk. “If you do not trust, you can leave,” she said.
Asked why she was using an Indian phone number despite operating from Singapore, she said the number was issued by the company and she had no idea. The account was blocked when more questions were raised.
A victim from Bengaluru who lost Rs 20 lakh said he was advised by ‘Stephanie Wright’ on Telegram and made to transfer cyptocurrency bought from two exchanges to a wallet.
A Chicago based finance analyst and cryptocurrency expert Jacob King who flags many frauds said the world of cryptocurrency is unfortunately plagued by fraudulent activities, targeting unsuspecting investors and stealing their money. The high number of scams in this industry can be attributed to the inexperience of new investors and the lack of regulations. In India, many people are falling prey to deceitful websites that promise unrealistic returns.
It is crucial for investors to realize that the majority of such promises are unfounded. This situation is reminiscent of the dot-com bubble, where there was an initial surge in demand for tech products followed by a subsequent downfall. As a vocal critic of these scams, I have been advocating for caution for several months, and my efforts have saved my followers millions of dollars.
“My advice to readers is to exercise vigilance when investing in the crypto space. These scammers are after your money and will use deceptive tactics to appear legitimate and win your trust.” he said.
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