The increasing interest in cryptocurrency has sure attracted many fraudsters who constantly explore ways to defraud naive investors and this is despite the efforts of regulators to provide a stable framework for cryptocurrency. A recent report from India revealed that a Bengaluru lecturer has lost almost $14,000 worth of Bitcoin to a Telegram scam.
Lecturer Loses Bitcoin to Telegram Scammer
The Indian college lecturer, Ramesh J, said he joined some Telegram groups to get familiar with cryptocurrency trading. Ramesh had earlier tried to transfer about Rs 90,000 to his CoinSwitch Kuber account but was unsuccessful. As a result, he decided to reach out to a member of one of the Telegram groups who claimed to be a crypto expert.
According to the police report, the “crypto expert” offered to manage Ramesh account to help him make more profits. The scammer also proposed to help him with the transfer issue. In a bid to quickly resolve the problem, Ramesh revealed his details to the Telegram fraudster.
However, the scammer transferred about $14,000 worth of Bitcoin from the lecturer’s account. When Ramesh was unable to recover the lost funds, he reported the issue to the Central CEN police. Right now, the police are trying to contact CoinSwitch Kuber to find a solution to the crime.
However, the police said that the case would have been easier to resolve if it were a bank. They added that it is quite difficult to solve cryptocurrency cases since there is no specific regulator to approach.
Uncertainties Around Indian Crypto Ban
The scam news comes amid the uncertain cryptocurrency stance of the country. The Indian government had earlier proposed a blanket crypto ban, according to a source who claimed to be a top government official.
However, the country’s Finance Minister responded that the country is not planning a complete ban. She said the government would instead allow for blockchain and cryptocurrency experiments, which would help the country’s Fintech Industry.