Crypto Fraud: Bengaluru Man Scammed Of Over Rs 40 Lakhs Via Telegram Group

Online fraud is growing across the country, and crypto-related scams have become a major concern as scammers use social media and fake trading platforms to scam people. In a recent case from Bengaluru, a resident has alleged that he fell victim to such a crypto-trading scam.

According to the police complaint, the victim, 45-year-old Shakthivel E., stated that he was first approached on Instagram by an individual who later added him to a Telegram group offering guidance on cryptocurrency trades. The group was operated by Ashutosh Sharma, who guaranteed daily returns and a commission on Ethereum/USD trading.

Shakthivel initially received small payouts from various bank accounts to make the scheme appear authentic. He was later persuaded that the trades were real when the site displayed a wallet balance of 138687.22 USDT. But when he tried to withdraw the amount, he was told his bank details were incorrect and was asked to pay additional charges, which include late fees, conversion costs and a supposed RBI-related tax.

The victim borrowed money from lending apps, a finance company and friends to meet the repeated payment demands by thinking that the issues were procedural.

NDTV reported that between July 3 and August 1, he transferred more than Rs 42 lakh to various bank accounts and UPI IDs linked to the alleged scammers. Despite these payments, he was still unable to withdraw any amount, which led him to approach the police.

Investigators are now verifying the website used for trading, the crypto wallet details and the phone numbers listed in the FIR as part of the ongoing probe.

The case highlights the continued issues associated with uncontrolled cryptocurrency activity, with authorities issuing warnings that fake websites appear to be authentic trading interfaces. They stressed the importance of conducting thorough checks before engaging in any form of online crypto trade.