Couple From India Scams BTC Investors Promising High Returns

A couple from India scammed BTC investors by promising high returns and one of the victims even gave $19,000 to the accused but never got it back so let’s find out more in today’s Bitcoin scam news.

The lack of knowledge among the investors about crypto and how to safely invest in them is resulting in a rising number of scams. The Crime Investigation Department of Ahmedabad Police In India registered a case where the victim got scammed out of $27,000. The couple from India scammed the victim after he was introduced by his friend to the couple in 2017. Alpesh Suhagia and his wife Bharti Suhagia tried to convince the victim to invest in BTC saying that its price hit insane levels from 2009 and this prompted Harshad to give $19,000 to the couple and invest it in BTC on his behalf.

Harshad was told that the BTC wallet will take time to generate while the couple introduced him to Prashan Brahmbhaat who convinced him to transfer his funds to a crypto investment plan dubbed Senar Wallet. After the victim transferred the money to the Senar Wallet, he got $1700 as a return on his investment but never got much more despite the repeated requests whcih led him to file a complaint with the police in 2022. this came close on the heels of a similar fraud case where the Indian police arrested people a month ago. The accused ran a multi-level marketing scheme via their company Bulltron which was supposed to invest in Tron.

There are plenty of reports of another example like the one with the former Indian Police Service officer who retired early and started offering private investigation services for crypto fraud cases and brought a technical expert for stealing digital coins during the investigations from cases originating in 2018. addressing the issue of the hype and the ads from digital asset companies, the regulatory body In India, the Advertising Standards Council released a separate advertising guideline for the crypto sector. It made a disclaimer mandatory for all cryptos, exchanges, and NFT ads and the disclaimer said:

 “Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.”