RATE Group | Indian Businessman Conned $130,000 in Bitcoin Purchase Scam
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Indian Businessman Conned $130,000 in Bitcoin Purchase Scam

28 May Indian Businessman Conned $130,000 in Bitcoin Purchase Scam

Posted at 13:40h in Bitcoin News by

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On the pretext of being offered bitcoins, a businessman from India’s capital city fell victim to a rather novel fraud – buying absolutely nothing in exchange for paying the pioneer cryptocurrency’s global prices to a purported cryptocurrency exchange representative.

Purchasing Bitcoins Which Don’t Exist

During a bank visit in 2017, the unnamed businessman was approached by the fraudster, who claimed to be working for one of the “largest cryptocurrency exchange in the world.” The businessman was soon allured by the latter to invest in bitcoins, which he could offer at “attractive” rates and generate handsome profits with.

The businessman was later sold a bitcoin for Rs. 5.4 lakh ($8,000), after much persuasion from the fraudster’s side. As stated, he received a text message after his purchase, claiming that the transaction was successful and that he was now the proud…

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