A businessman from Sola, Gujarat, has been cheated out of Rs 31 lakh in a sophisticated cryptocurrency scam after falling prey to an online fraudster posing as a crypto expert. The elaborate con, which started with an innocent Facebook interaction, ended with a devastating financial loss, according to a recent report.
The businessman reportedly came into contact with a woman on Facebook who introduced herself as an employee of CoinEx, a well-known crypto trading platform. She convinced him to invest in cryptocurrency by promising a 10 per cent return on his investment. To appear credible, she even transferred Rs 9,900 to his account as an initial “profit,” earning his trust.
Encouraged by this gesture, the businessman transferred a total of Rs 31 lakh in multiple transactions to the bank accounts she provided. However, when he later tried to withdraw his supposed profits, the woman demanded more money to process the transaction. It was only then that he realised he had been using a fake website designed to mimic the legitimate CoinEx platform.
Key lessons to protect yourself from online crypto scams
- Don’t trust random online recommendations
Avoid acting on investment advice from strangers on social media. Scammers often impersonate financial experts to lure victims. Always rely on verified sources or professional advisors.
- Verify authenticity before investing
Before using any platform, visit the official website, check reviews on trusted app stores, and read authentic user feedback. Fraudulent or cloned trading sites are increasingly common.
- Beware of unrealistic promises
Guaranteed or “too good to be true” returns — such as fixed profits of 10 per cent — are classic red flags. Genuine investments carry risks and never offer assured returns.
- Recognize emotional manipulation
Scammers frequently exploit emotions like trust and greed. Maintaining a calm and rational mindset while investing can help you avoid making impulsive financial decisions.
- Stay cautious of honey traps
A growing number of scams begin through personal relationships on platforms like Facebook and Instagram, where fraudsters build emotional connections before requesting money.
Staying alert, verifying every claim, and questioning unrealistic offers can protect you from losing your hard-earned savings. As digital scams grow more sophisticated, awareness and skepticism remain your strongest defenses.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
