Indian Businessman Loses Rs. 1.92 Crore to Facebook Crypto Scam

An Indian businessman has reportedly lost Rs. 1.92 crore ($221k) to an intricate cryptocurrency investment scam. The victim, a 48-year-old businessman from Ahmedabad, was duped after a friendly interaction on Facebook turned into a financial nightmare.

Initial Contact on Facebook

The scam began in August 2024, when the businessman received a friend request from a woman who claimed to be involved in the gym equipment business, operating in Dubai and Mumbai. The woman reached out, saying, “Hey, your profile caught my eye while checking my friends’ suggestions, and thought I would reach out. Can we get to know each other?”

Moving to WhatsApp

After exchanging contacts and chatting on Facebook, the conversation quickly moved to WhatsApp. The woman introduced the businessman to a cryptocurrency investment platform, mentioning that her uncle, a high-ranking officer at an American firm, would assist him.

Initial Investment and Returns

Enticed by the promise of high returns, the businessman initially invested $500 and received a $250 profit. Encouraged by this success, he invested more, eventually totaling about Rs 6 crore ($692k) on the platform, reported Cryptopolitan.

Realizing the Scam

The businessman realized something was amiss when he attempted to withdraw his investment and was asked to pay a 20% tax upfront. Unable to contact the woman and with further research revealing the platform was a scam, he reported the incident to the Cybercrime Unit of the police.

A police spokesperson commented, “This case highlights the need for vigilance when dealing with online investments. Scammers are becoming increasingly sophisticated in their methods.”

Authorities Warn the Public

Authorities have registered a complaint against the scammer and warned the public about the prevalence of scams in the cryptocurrency sector. The businessman stated, “I only managed to recover Rs 92,000 from my entire Rs 1.92 crore investment.”

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