Revealed on: Jan 07, 2026 01:43 pm IST
A WhatsApp message promising earnings led a Ralegaon dealer right into a cryptocurrency entice that drained his financial savings and financial institution loans inside weeks.
A {hardware} dealer in Ralegaon misplaced Rs. 1.37 crore after falling prey to a cryptocurrency and forex scam promising excessive returns. Manish Kantilal Bora filed a criticism with the Ralegaon police, resulting in a case in opposition to a girl and different unidentified people.
The criticism states that Bora obtained a WhatsApp message on November 4. A lady figuring out herself as Ankita Agrawal referred to as him, providing massive earnings by means of cryptocurrency and forex buying and selling. She despatched Bora a hyperlink to obtain an app referred to as “S Fox” and initially inspired small transactions to construct belief.
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Bora was then instructed to switch funds into a number of financial institution accounts for buying and selling. The app displayed inflated, faux earnings, convincing him to speculate not solely his enterprise funds but additionally loans from banks. In whole, Bora deposited Rs. 1.37 crore.
When he tried to withdraw his unique funding, the accused cited technical points and finally refused to launch the funds. Realising he had been defrauded, Bora approached the police.
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Tricks to Stop Cryptocurrency Scams
Cryptocurrency investments carry excessive dangers, and market fluctuations may end up in important positive aspects or losses. Consultants advocate consulting a certified monetary advisor earlier than investing. Nonetheless, you may observe these precautions to remain protected:
- Keep away from platforms that ask you to deposit instantly out of your private accounts as a substitute of by means of a verified trade.
- Deal with established cryptocurrencies like Bitcoin or Ethereum, however bear in mind, even these are unstable.
- Be cautious of cash linked to popular culture, motion pictures, or memes, as they usually grow to be scams.
- Confirm if any crypto ICO is registered with the SEC. Lack of registration might point out fraud.
- By no means present upfront funds, personal keys, or make funds by way of reward playing cards or wire transfers.
- Use {hardware} wallets (chilly storage) for securing belongings in opposition to on-line hacks, however make sure the pockets is safely saved.
Following these measures can cut back the chance of falling sufferer to cryptocurrency fraud.
