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HomeLaw & PoliticsNagpur MBA Student Loses Rs 23 Lakh in Telegram Crypto Scam

Nagpur MBA Student Loses Rs 23 Lakh in Telegram Crypto Scam

A student enrolled in an MBA program at a Nagpur college has been defrauded of Rs 23 lakh in a cryptocurrency investment scam, as reported by local police.

In November of the previous year, the student, originally from Hooghly in West Bengal, was approached via Telegram, a popular messaging platform, by a scammer posing as an investment advisor. The fraudster convinced the student to invest in a cryptocurrency scheme that promised significant returns.

Initially, the scammer asked the student to deposit Rs 1,000 into an unknown bank account, promising that this small investment would yield good returns. True to their word, the scammer returned Rs 1,400 to the student, gaining his trust. Encouraged by this initial success, the student continued to invest, cumulatively depositing Rs 23 lakh over time, expecting to achieve similar results.

The interactions and transactions unfolded over several months, beginning in November last year and continuing until the student realized he was not receiving the promised returns.

All communications and transactions were conducted through Telegram, highlighting the digital and cross-regional nature of the scam.

Unfortunately, the student never received the promised large returns and was unable to recover any of the invested funds. Realizing the deception, he contacted the authorities. The police have registered a case under relevant sections of the Indian Penal Code and the Information Technology Act. An investigation is currently underway to trace the scammer and recover the lost funds.

This incident serves as a stark reminder of the risks associated with digital investment platforms, particularly those involving cryptocurrencies. Authorities urge the public to exercise caution and verify the credibility of investment advisors and platforms before committing funds.

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