BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Indian Engineer Loses $114K to Crypto Investment Scam

by Darius Ngetich
Dec 26, 2023 - 1:07 pm
in Blockchain
An Indian engineer becomes the latest victim of a cryptocurrency investment scam, losing over $114K.

Introduction

In a distressing disclosure, a 53-year-old Indian engineer recently fell prey to a cryptocurrency investment scam that resulted in a loss of Rs 95 lakh — equivalent to US$114,230.

The Beginning of the Scam

The unsuspecting victim, who lives in the Indian city of Bengaluru, was lured into the scam by a person named Sonia Shenoy, whom he met on Instagram two years back. Shenoy purported to represent a global investment firm dealing in Bitcoin (BTC).

Investment and Deception

The engineer trusted Shenoy’s representations and decided to invest over $114,000 worth of BTC last January, per the report. The plot thickened from last July when Shenoy, weaving a web of deception, told the victim that a substantial profit of Rs 2 crore (US$240,000) awaited him.

The Catch

However, this windfall came with a catch – a payment of Rs 50 lakh for TDS (Tax Deducted at Source) was allegedly required. Undeterred and still trusting Shenoy, the engineer procured the requested amount by taking loans from various banks.

Harsh Reality

As the months unfolded, the harsh reality dawned on the engineer that the promised profit was nothing more than a mirage. The anticipated profit never came, leaving the victim grappling with the devastating realization that he had been duped.

Bengaluru: A Hotspot for Crypto Scams

Regrettably, this case is not an anomaly in Bengaluru. In 2021, a neophyte crypto trader and college lecturer living in the city lost Rs 10 lakh (US$12,000) to a scammer who suggested that he would be allowed to manage his trading account. The scammer promised lofty returns, which were never priced in.

Rising Trend in Crypto Scams

The crypto market, while holding potential for legitimate gains, also harbors risks. Recently, crypto community sleuth ZachXBT called attention to another crypto Discord scam that reportedly resulted in losses of up to $880,000 in cryptocurrencies. The FBI also warned this month that scammers have begun impersonating VC executives.

Tags: CryptoInvestmentIndiaScam
Darius Ngetich

Darius Ngetich

Darius Ngetich is a blockchain, crypto, and gaming enthusiast. He is also an animator, VFX Artist, and Game Developer, specializing in computers with vast experience in programs like Blender, Unity, and Unreal Engine. My passions are creating games and informing others about the latest developments in crypto, blockchain, and gaming.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service