Crypto scammers nabbed in India: The Never-Ending Story of Gullibility

Crypto Scammers Nabbed in India: The Never-Ending Story of Gullibility 🤦‍♂️

As the sun rises over the bustling streets of India, a tale of deceit and desperation unfolds. Five suspects, including one woman, have been apprehended by law enforcement for their alleged role in duping a businessman out of a staggering $700,000 via a fake cryptocurrency trading platform.

The accused, it seems, were masters of deception, using a bogus trading app called ZAIF to promise the unsuspecting victim massive returns of up to 200% on digital currency investments. The platform, touted as being based in Japan, was nothing more than a clever ruse to appear credible.

But, dear reader, this is not the first time we’ve seen this tale of woe. ZAIF, the name of a legitimate Japanese cryptocurrency exchange, was hacked in 2022, resulting in a loss of $60 million. One can’t help but wonder if the scammers borrowed the name to add a veneer of legitimacy to their scheme.

The story begins with a woman, claiming to be a Hong Kong-based IBM software developer, contacting the victim on Facebook. She gained his trust and convinced him to invest in crypto via ZAIF. Over the course of a month, the victim transferred a staggering INR 6 crore (approximately $699,352) across various accounts controlled by the scammers.

As is common in such crypto trading scams, the victim was initially shown fake profits on the platform to build trust. But, when the victim attempted to withdraw gains, the platform demanded an additional INR 89 lakh to unlock the funds – a tactic commonly referred to as an advance fee fraud.

Once the victim refused, the scammers vanished, cutting off contact. Ah, the classic move of the scoundrel!

But, fear not, dear reader, for the authorities were hot on the trail of the scammers. Through digital trails and banking records, they tracked down the suspects and seized phones, SIM cards, ID documents, and other incriminating materials during a raid.

And so, another chapter in the never-ending story of gullibility comes to a close. But, alas, the tale of crypto scams in India continues to unfold. Just earlier this month, police cracked down on a similar scam that promoted a fake token called RSN and promised 2% daily returns. Losses were estimated to be between $1.14 and $2.29 million.

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2025-03-27 11:01