Scam Watch — Cryptocurrency
In India, many aspiring middle-class families who are eager to multiply their money, fall victim to scams. Technological progress has introduced new threats like cryptocurrency scams,online money doubling schemes,stock market scams,cyber gambling and many more. Consequently, India is now one of the largest victim and perpetrator of cyber fraud globally.
Rahul and Priya were a newly married couple, filled with dreams of a bright future together. One of their biggest aspirations was to buy their own home. For months, they scrimped and saved, putting away every rupee they could manage. They finally managed to save 5 lakh rupees, which they planned to use as a down payment for their dream house.
Rahul, a tech enthusiast, had recently become fascinated with the world of cryptocurrency. He spent hours reading about it, watching videos, and joining various Telegram groups to learn more. He was intrigued by the potential for high returns and was eager to invest some of their savings into this new venture.
One evening, Rahul came across a message in one of the Telegram groups from an anonymous user claiming to offer USDT (a type of cryptocurrency) at a significantly lower price than the market rate. The user claimed to be based in Dubai and assured Rahul that the transaction would be safe and straightforward. The allure of getting more for his money was too strong for Rahul to resist.
Rahul messaged the anonymous user, who seemed friendly and knowledgeable. The user explained that because of certain restrictions, the money would need to be transferred through a hawala network. Rahul had heard of hawala — a traditional system of transferring money through a network of brokers — but he was hesitant. However, the user reassured him, promising a smooth transaction.
Rahul discussed it with Priya, who was skeptical and worried. However, Rahul convinced her, painting a picture of how much more they could earn and how it could help them buy their house even sooner. After much deliberation, they decided to take the risk.
The anonymous user directed Rahul to a hawala broker in their city. The next day, Rahul went to the location, a small, nondescript office in a crowded market. Nervously, he handed over the 5 lakh rupees to the broker. In return, the broker handed him a 1 rupee note, explaining that this was for verification purposes. Rahul took a photo of the note and sent it to the anonymous user in Dubai, as instructed.
The anonymous user confirmed the receipt and assured Rahul that he would receive 25,000 AED (the equivalent amount in UAE Dirhams) worth of USDT shortly. Rahul waited anxiously, refreshing his cryptocurrency wallet app repeatedly, but nothing came through. He messaged the anonymous user, but there was no response. Hours turned into a day, and Rahul’s worry grew.
When he checked again, he found that he had been blocked by the anonymous user on all platforms. Panicking, he tried to contact the hawala broker, but the office was empty, and there was no sign of the broker. The realization hit Rahul hard — he had been scammed.
Devastated, Rahul had to break the news to Priya. The 5 lakh rupees they had painstakingly saved for their home was gone. Priya was heartbroken, but she didn’t blame Rahul; she knew he had only wanted to secure a better future for them.
They reported the scam to the authorities, but the chances of recovering the money were slim. The incident was a harsh lesson in the dangers of trusting anonymous online contacts and the risks associated with unregulated financial networks.
Rahul and Priya had to start over, rebuilding their savings from scratch. Though the road ahead was challenging, they were determined to move forward, stronger and wiser from the experience. They vowed to be more cautious in the future, understanding that while dreams are important, safeguarding those dreams with prudence and caution is even more crucial.
Recommendations :
- Educate Yourself: Understand how cryptocurrencies and online transactions work. Be aware of common scams and red flags.
- Secure Your Information: Protect your personal and financial information. Use strong, unique passwords and enable two-factor authentication wherever possible.
- Avoid Unregulated Channels: Stay away from unregulated financial networks like hawala for large transactions. Use official and transparent methods for transferring money.
- Lodge a formal complaint with National Cybercrime Reporting Portal (NCRP) through helpline number 1930
- For professional advice/support email: support@getsecure360.com
— Become Cybersavvy & Stay safe !!
