In a recent report from the Times of India (ToI), a particular case was revealed in which a merchant lost about Rs. 91 lakhs (US $ 134,000) during an unfortunate encounter with a cryptocurrency swindler, who did not even possess the product offered.
It seems that, during their meeting, the victim was offered a bitcoin with a discount, before which he agreed to his purchase. According to his statements:
After the meeting, I bought him a bitcoin he was offering on offer for Rs 5.4 lakh. As soon as I paid the money, I received a message on my phone that updated me about the purchase of 6 lakh.
After a week, the individual received another invitation to buy another bitcoin again, but this time with the promise that he would receive an interest rate of 50%, if he retained it for a period of three months. When proceeding with the purchase, for the equivalent of Rs. 6.5 lakh, the alleged gain of Rs was announced. 9.75 lakh, thanks to the increase in value during the retention time.
Although everything was going well so far, the seller, who claimed to work for the MNC company, encouraged the merchant to acquire another 10 bitcoins once again, assuring him that its value would double in the next 20 days.
It is speculated that the attractive news led him to request a loan from a relative for the amount equivalent to 10 BTC or US $ 134,000. When collecting the funds, he visited the alleged company, in January 2018, to leave the money corresponding to the purchase. After the transaction, he would receive the amount in his digital wallet in bitcoins, but not before receiving the notification of receipt of payment by the seller. However, the merchant never received any cryptocurrency, since it never existed to begin with.
It should be noted that the fraudulent negotiation began in late 2017, when he met the suspect.
The individual took the case to the police authorities of New Delhi, his city of origin and this was registered as "Vasant Vihar", even became widely known and spread in the region, perfectly exemplifying the "no business with cryptoactive" .
This case takes us back to the warnings of the founder of Savedroid, who made a fraud out, fleeing with millions of dollars of funds from their investors, just to put them in perspective about the risks that could be incurred when doing business with ICOs or cryptocurrencies in an insecure way.