December 4, 2023

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Over the past few years, fraudulent activities related to cryptocurrency have become a concerning issue, leading to significant financial and emotional losses for the victims involved.

Unfortunately, a 60-year-old woman from Mumbai, India, became a victim of such deceitful practices, losing a substantial amount of $29,243 to a fraudster on a matrimonial website.

The lady, a retired employee of a private firm, was optimistic about finding a suitable partner on the matrimonial site, which she joined in early 2022.

However, she unknowingly fell prey to the trap of a scammer who posed as a well-to-do engineer based in the United States.

The fraudster, preying on the victim’s vulnerability, promised her marriage, which resulted in a constant exchange of communication between the two parties.

Unfortunately, the fraudster took advantage of the victim’s trust and conned her into transferring a considerable sum of money.

This unfortunate incident highlights the importance of being vigilant and cautious while dealing with strangers, especially on online platforms, and emphasizes the need to stay informed and educated about fraudulent activities related to crypto.

The 60-year-old victim had been in contact with the fraudster since 2022, with the accused initially luring her with the promise of significant returns on investment in a cryptocurrency related company.

The fraudster claimed to be generating substantial passive income and introduced the victim to a supposed investment guide.

An Elaborate Scam

Between April and December of 2022, the victim claims to have communicated with the guide and invested a substantial amount of close to $30,000.

In return, she received access to a virtual account in her name, which showed an impressive increase to $63,367 after some time.

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However, it later came to light that the investment was a scam, and the supposed returns were fabricated by the fraudster to gain the victim’s trust and deceive her out of her hard-earned money.

To make matters worse, when the victim attempted to withdraw from her virtual account, the investment guide requested an additional sum of $14,620, citing income tax and conversion fees.

This demand raised a red flag for the victim, who began to suspect that she had fallen victim to a fraudulent investment scheme.

Her suspicions were confirmed when her virtual account malfunctioned, and the two fraudsters, including the investment guide, stopped responding to her calls and messages.

In a desperate bid to recover her lost funds, the victim lodged a formal complaint with the North region cyber cell unit of the Mumbai police.

The incident highlights the devastating consequences of crypto fraud, which can lead to significant financial losses and emotional distress for the victims involved.

Similar Incidents Have Occurred Before

Unfortunately, another incident of fraud occurred in Mumbai just last month, which was distressingly similar in nature.

A 49-year-old woman from Mumbai fell victim to a work-from-home scam and lost $12,183 in the process.

According to reports, the woman had come across an advertisement for work-from-home jobs on Facebook, and upon expressing her interest, she received a call from a syndicate of fraudsters.

The fraudsters asked the victim to complete certain tasks online. The caller stated that she was promised that she would be able to earn money simply by liking YouTube videos. This woman was promised payment of $2 for each task completed.

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Unfortunately, the victim did not realize that the entire operation was a scam designed to trick her into performing low-value tasks while siphoning off her hard-earned money.

The incident serves as a reminder to exercise caution while engaging in online activities, and to be wary of seemingly lucrative opportunities that seem too good to be true.

After completing the initial tasks, the victim continued to like videos from the same source but received no further payments.

Final Thoughts

As crypto related scams continue to rise, investors must exercise caution and be vigilant about any opportunity that seems too good to be true.

By doing so, they can protect themselves from fraudulent schemes and safeguard their hard-earned money.

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