Indian Engineer Loses Over $120,000 in Crypto Romance Scam

In another crypto scam by a romantic partner, an Indian software engineer reportedly lost over $120,500. Local reports note that Kuldeep Patel, a Ahmedabad resident, recently contacted the cybercrime police, bringing the crime to light.

He explained that he met a woman named Aditi Patel on a matrimonial website back in June, who duped him of the funds in the name of investment.

Romantic Partner Promising ROI

The accused, Aditi Patel, portrayed herself as a UK-based import-export businessperson. Based on reports, she lured Kuldeep Patel into the fraudulent scheme by promising handsome returns.

According to reports, she persuaded him to invest in a crypto scam token called Banocoin. She even provided him with a contact number for the cryptocurrency firm’s customer care executive. Trusting the recommendations, Patel registered on the platform.

According to the filed FIR (police report), Patel invested a staggering Rs 1.34 crore (around $120,500) in 18 transactions. The investments occurred between July 20 to August 31, as the Times of India reported.

Read more: The State of Crypto Regulation in India

Patel trusted the process as he received a profit of 78 USDT on an investment of $1,200. He then proceeded to make further investments after July.

However, Patel became alarmed when his attempt to withdraw a few hundred thousand from his account failed. The fraudulent customer care vertical informed him that his account was frozen and required further investments to operate.

He made efforts to contact Aditi, but she became unresponsive. Then, Patel realized he had fallen victim to a cyber scam, prompting him to approach the authorities.

India Rife With Crypto Scams

The prevalence of crypto scams is on the rise, with unsuspecting individuals losing their hard-earned money in minutes.

On September 12, a judge sentenced Karl Sebastian Greenwood, co-founder of OneCoin, to 20 years in prison. Greenwood was accused of orchestrating a massive crypto scam that defrauded millions of investors worldwide, amassing over $4 billion.

In India, authorities from the state uncovered a $120 million crypto scam through a Ponzi scheme. The police arrested two central figures behind the fraud that operated nationwide. The scheme involved the STA crypto scam token.

Another businessman in Hyderabad fell victim to a social media scam. A crypto-based fraudulent scheme lost him approximately $242,000 in just two months. Scammers promised high returns and persuaded him to invest in their fictitious crypto trading platforms, marking one of the country’s largest cyber fraud cases.