Everything that glitters is not gold, and no investment scheme offers huge returns without risk. Yet, many people refuse to accept this reality, chasing easy money and falling victim to fraud.
One such case unfolded in Sriganganagar, where eight fraudsters lured over 5,000 people into a fake cryptocurrency and forex trading scheme, robbing them of ₹21 crores.
The real tragedy? It wasn’t just the scammers who were at fault, it was also the blind trust and lack of proper analysis and verification by the victims that made this fraud possible.
The Rise of the Fraudulent Scheme
The scheme was carefully crafted to look legitimate. The fraudsters lured investors by promising huge profits through a fake crypto and forex trading platform.
To make it look authentic, they share fake profits and testimonials.
This convinced victims to invest in the product.
Once the victim shows interest, the fraudster shares web links with them, asking to register and make a minimum investment of $300.
Later, the scammer lured them by showing fake profits on the web portal, which encouraged them to invest more. However, in the greed of quick money, victims ignored the red flag when the scammer asked them to transfer money into different bank accounts.
But when they tried to withdraw their money, they hit a wall. The scammers either ignored their requests or came up with excuses to delay payments..
The scam came to an end after a year and a half when a complaint was finally filed at the Sadar police station.
In an investigation, police seized a laptop & 9 mobile phones and arrested the mastermind, Sadar, along with 7 other accused.
How to Report Crypto & Forex Trading Scams?
These scams won’t stop until people stop following blindly and believing existence of an investment scheme with zero risk and huge returns.
The greed of people to earn easy money becomes the major reason for their downfall and the increasing rate of cyber fraud.
If you have been a victim of such a scam, don’t hesitate to take action. Register with us for guidance on reporting your case through the proper channels and following the right protocols. Acting quickly can make all the difference.
Conclusion
The ₹21 crores cryptocurrency scam in Sriganganagar serves as a wake-up call for all investors.
It highlights the importance of proper validation and financial literacy. While scammers will continue to evolve their tactics, the best defense is a well-informed investor who asks the right questions before parting with their money.
Don’t let greed blind you; if an investment opportunity looks too perfect, take a step back and investigate before it’s too late.
