The scholar ended up depositing a complete of Rs 23 lakh into the account, hoping to get income as promised. (Representative picture)
The individual lured the scholar, hailing from Hooghly in West Bengal, to spend money on a cryptocurrency scheme whereas promising him good returns.
A 28-yr-previous man pursuing MBA course from a school in Maharashtra’s Nagpur metropolis has allegedly been duped of Rs 23 lakh after being promised profitable returns in cryptocurrency investments.
A fraudster, posing as an funding advisor, approached the scholar by way of Telegram messaging platform on November 17, 2023, an official from Wathoda police station informed information company PTI on Tuesday.
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The individual lured the scholar, hailing from Hooghly in West Bengal, to spend money on a cryptocurrency scheme whereas promising him good returns.
The scholar initially deposited Rs 1,000 right into a checking account specified by the individual and acquired Rs 1,400 in return, thereby reinforcing his perception within the scheme, the official mentioned.
Later, over a while, the scholar ended up depositing a complete of Rs 23 lakh into the account, hoping to get income as promised.
However, he neither acquired the promised returns nor was he in a position to retrieve the invested quantity, the official mentioned.
Based on the scholar’s criticism, the police registered a case beneath related provisions of the Indian Penal Code and the Information Technology Act and have been conducting a probe into it.
Investment-related frauds can take varied kinds, together with Ponzi schemes, insider buying and selling, inventory market manipulation, and fraudulent funding schemes promising unrealistic returns.
Preventing funding-associated fraud requires a mix of regulatory oversight, investor training, and due diligence by each traders and firms. By staying knowledgeable and exercising warning, traders can cut back their danger of falling sufferer to fraudulent schemes.
(With PTI inputs)
