Woman Loses Money To Crypto Scam Via Match Making Site In Mumbai

Crypto fraud has become an issue in the last few years, causing pain and losses for the victims. A 60-year-old woman in Mumbai, India, was duped of $29,243 by a fraudster on a matrimonial website.

The lady retired from a private firm and joined the matrimonial site early in 2022. Also, she maintained constant communication with the fraudster, who claimed to be a United States-based engineer. The fraudster had promised the victim marriage preying on her vulnerability to achieve his aim.

Fraudster Used Crypto Investment To Bait Victim

Indian Express reports that the 60-year-old victim has ‘known’ the fraudster since 2022. The accused lured the victim in with the promise of huge returns for investing in a company dealing in cryptocurrency.

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He claimed to be making enormous passive income and sent her the contact of a supposed investment guide. The victim claims to have contacted the guide between April and December 2022. She invested $29,243 and received access to a virtual account in her name that showed an increase to $63,367 after some time.

However, when the victim tried withdrawing from the account, the guide asked for an additional $14,620. He claimed that the charges were for income tax and conversion fees.

The victim realized the trick after her virtual account malfunctioned. Also, the two fraudsters refused to respond to her calls or messages a few days after her withdrawal request. The victim lodged a formal complaint at the North region cyber cell unit of the Mumbai police. 

The police have logged the entry under the relevant sections covering cheating, criminal conspiracy, and forgery. 

Other Crypto-Related Incidents 

Sadly, a similar event occurred in Mumbai last month. According to the report, a 49-year-old woman residing in Mumbai lost $12,183 to a work-from-home scam. The victim spotted the advertisement for work-from-home jobs on Facebook. Once she expressed her interest, she received a call from the syndicate

The Hindustan Times report disclosed that the fraudsters directed the woman to complete some tasks on a Telegram group. The caller explained that she could earn money by liking YouTube videos and sharing screenshots. The woman received $2 for the tasks she completed.

After the incident, she liked many other videos from the same source. However, she received no payment. The victim contacted the caller to resolve the issue when he asked her to complete a few tasks and invest in Bitcoin to earn money. 

She completed all tasks and invested in Bitcoin, elated to see her earnings deposited in a virtual account. However, she could not withdraw the $24,370 displayed on her account and was asked to complete a task and deposit $9,748. The victim later realized they were swindlers after losing $12,185. She then lodged a formal complaint. 

With crypto-related scams on the rise, all investors need proper research to ascertain the risk involved. More importantly, look out for duly registered companies that comply with local crypto regulations. It is wise not to invest in assets with vague promises of returns.

Featured image from Pexels and chart from Tradingview.com