Lack of knowledge about cryptocurrencies and how to invest in them safely is leading to an increasing number of scams.

In a recent example, the Criminal Investigation Department (CID) of Ahmedabad police in the Indian province of Gujarat recorded a case in which the victim was defrauded of 22,000 Indian rupees (about $27,000).

Case details:

According to the initial information report submitted to the police, Harshad Patel was introduced by his friend and business partner Kamlesh Patel to a couple to help him invest in bitcoin in 2017.

The couple, Albesh Suhagia and his wife, tried to persuade Harshad to invest in Bitcoin, saying that its price had risen sharply in 2017.

This prompted Harshad to give 15 lakh (about $19,000) to the couple to invest in bitcoin on his behalf.

Harshad was told that this bitcoin wallet will take some time to grow.

The couple presented the victim with an investment portfolio called “Senar Wallet”.

After Harshad transferred the money to Senar Wallet, he received 1.24 Lakh (about $1,700) in return on his investment between July and August 2017.

But he did not receive any further returns on his assets or the principal amount despite repeated requests, which led him to file a police complaint in March 2022.

There are many similar stories, including what is hidden and did not appear to the public, and the victims preferred to remain silent and not to defame their loss and exposure to fraud.

At Bitcoin Arabs, we carry a message and goal, which is to raise awareness about the risks of the crypto market and the need to beware of fraudsters who usually offer tempting investment plans and inaccurate and real advertisements to reach the wallets of the victims.

Therefore, awareness and learning are the best way to prevent these frauds.

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