Bitcoin Scam in India, $130,000 worth of Bitcoin without existence

Bitcoin News Crime and Fraud Crypto News Legal
Bitcoin Scam in India, $130,000 worth of Bitcoin without existence

Bitcoin Scam in India – A Unique Evaluation: $130,000 purchased Bitcoin do not exist in reality. A suspicious Build Up that a businessman from India’s capital city fell victim to a rather novel fraud by buying absolutely nothing in exchange for paying the pioneer Crypto Currency’s global prices to a purported Crypto Currency exchange representative.

Also, read 600 Lost mining machines are reported to be in China

Bitcoin Scam in India cost $130,000

Don’t get scammed and lose your valuable money. People should be extremely careful getting into such deals. The managing department is waiting for the report of an expert committee set up to examine the subject before taking a decisive position on Crypto Currencies – digital assets such as Bitcoin that use encryption techniques to secure transactions, control the creation of additional units, and to verify the transfer of assets.

At the beginning of 2017 a Bitcoin was valued at around $1,000 but by early December it was trading at $16,000.The rising value of Bitcoin is attracting thousands of investors in India. Every day, around 2,500 people are estimated to be buying into the digital currency created by people around the world running computers using software that solves the complex mathematical problem.

How the Scams works and Its Fraud Mechanism

In India, a case was registered at New Delhi’s VasantVihar police station after the victim’s complaint on 28th May 2018. Bitcoin is consolidating under a symmetrical triangle on its daily time frame. The investors in such schemes are offered units of a Crypto Currency.

The Virtual coin is nothing but an open source programme which can be edited and replicated into newer forms and used for the purpose of scams.

This may even be much surprising that The Businessman 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 owner of 1 BTC.

A month later, the businessman sold his digital asset for Rs. 6 lakh ($8,894), generating a profit enough for him to trust the transaction, the salesman, and the currency itself.

Undeniably, the business was under the impression of having generated a good profit within a month, and gave in to the fraudster’s augmented offer – buy and hold a Bitcoin for three months in return of a 50 percent profit.

The victim promptly agreed – bought a BTC for Rs. 6.5 lakh ($10,000), and sold it for Rs. 9.75 lakh ($14,459) three months later. Convinced of the legitimacy of the trade, he was then given a bigger offer.

For the final showdown, the fraudster told the business to purchase 10 Bitcoins, worth Rs. 91 lakh ($134,954) in return for a guaranteed profit within 20 days.

About the author

Michael Williamson

Michael Williamson is a content marketer who formerly worked out of Unbounced's Montreal office. A writer by day and a reader by night, he is loathe to discuss himself in the third persona, but can be persuaded to do so from time to time.

2 Comments

Click here to post a comment