A businessman from Rajkot has fallen victim to a sophisticated cryptocurrency investment fraud, losing a staggering sum of over Rs 40 lakh. The elaborate scam, orchestrated through social media platforms, has prompted the victim to file a formal complaint on the National Cyber Crime Reporting Portal (NCRP).
The Social Media Trap: A Friend Request Leads to Fraud
The victim, identified as Bhavesh Atkotiya, who runs an agro-technology firm in Kuwadva GIDC, received a Facebook friend request in early October from a person posing as a woman named Shrishti Kau. After establishing contact, this individual skillfully persuaded Atkotiya to invest in cryptocurrency. He was guided to register on a website that claimed to offer professional crypto trading services.
The Elaborate Scheme: Fake Traders and WhatsApp Groups
To build credibility, the fraudster later introduced Atkotiya to another person, Balbir Singh, who pretended to be an experienced cryptocurrency trader associated with a crypto company. Atkotiya was then added to a WhatsApp group named "Way of Success", where members shared what appeared to be investment advice and tips.
Acting on instructions received through this group, Atkotiya began transferring money. Between October 1 and November 19, he transferred a total of Rs 40.78 lakh into multiple bank accounts for the stated purpose of cryptocurrency trading. The bogus trading website displayed a wallet balance of $1.37 lakh (approximately), showing seemingly massive profits on his investments.
The Unraveling: Withdrawal Hurdles Expose the Scam
The fraud was exposed when Atkotiya attempted to withdraw his apparent profits. Instead of receiving his funds, he was asked to pay additional large sums for taxes, verification charges, and other fabricated fees. Sensing foul play, the businessman wisely stopped all further payments. He immediately reported the incident to the Cyber Crime Helpline.
Cyber crime officials investigating the case confirmed that the accused used fake identities and a completely bogus trading platform to execute this high-value scam. The complaint lodged on the NCRP includes crucial details of the bank accounts used by the fraudsters, which will aid in the investigation.
This incident serves as a stark warning for individuals exploring online investment opportunities, especially in the volatile realm of cryptocurrency. Experts advise extreme caution when approached on social media with investment plans and emphasize verifying the legitimacy of trading platforms through official channels before transferring any funds.
