Indian Investment Scam Victim Lose Rs. 6.3 Million in 'BITFINEW'

An investor in the South Kannada district of Karnataka, India, lost Rs. 6.3 million to a cryptocurrency scam.

In January, the victim was approached by a self-proclaimed cryptocurrency trader on Facebook named Reyasen, who introduced him to “mentor Peter Paul” and encouraged him to invest in cryptocurrencies on BITFINEW.COM Investment Trading, saying that the platform could help him invest in cryptocurrencies. The victim was encouraged to invest in cryptocurrencies at BITFINEW.COM Investment Traing and was promised that the platform would be lucrative for him, but he would be charged a 30% comission.

Between February 2 and 23, the victim had been communicating with the scammers on WhatsApp and initiated several bank transfers.

As with the vast majority of investment scams, the victims were blocked by the scammers when they intended to withdraw their profits. The platforms use various excuses to push back or delay withdrawals.

Apart from investment scams, other types of scams also caused considerable losses to the public. In another case, a victim lost Rs 3.2 lakh to a job scam.

The scammers falsely offered people part-time job opportunities with simple tasks on Telegram. But the entrant had to top up for it before working.

In the beginning, the victim transferred Rs. 10,000 and got Rs. 17,000 as income. Subsequently, the victim charged Rs 3.2 lakhs through several transactions in less than a month but never got anything back. It was only when the scammer disconnected that he realized he had been scammed.

Indian authorities are reminding the public to remain vigilant when it comes to online investment opportunities and part-time job offers that look extraordinarily good, not to share sensitive information such as their bank details and OTPs, and to report suspicious activities to the authorities immediately.