1.6 crore cheated in the name of crypto:Know what are the ‘red flags’ of crypto scams, keep in mind 6 things before investing

In the digital era, cryptocurrency has emerged as a new investment option, which has greatly increased people’s interest, but now cyber fraudsters are taking advantage of this curiosity. Lack of information and the desire for quick profits have made cryptocurrency a new tool for fraud. Recently, in Hyderabad, a private employee was defrauded of 1.60 crore rupees by being lured into double returns in Bitcoin through Telegram. This case is not only a story of an individual’s financial ruin but also part of a dangerous trend where common people are falling victim to major scams in the name of digital currency. So, let’s talk about what ‘crypto investment scam’ is. Question- What is a crypto investment scam? Answer- It is a type of online fraud where cyber criminals entice people to invest in cryptocurrencies like Bitcoin, Ethereum, or other digital tokens. These fraudsters contact people through social media, fake websites, Telegram, WhatsApp groups, or emails and lure them with promises of quick and high returns. Question- How do scammers execute this scam? Answer- Scammers use various technologies and psychological tactics to trap people. Understand it through these points- 1. Fake Investment Platform: Scammers create fake websites or apps, which show that investing money will yield double or triple returns. 2. Celebrity Endorsement Fraud: Through fake videos or pictures, it is shown that a famous celebrity is promoting this scheme. 3. Social Engineering: Scammers first build an online friendship or trust relationship with the victim and then extort money in the name of investment. Question – What are the signs to identify a crypto investment scam? Recognize these signs using the methods provided in the graphic- Question- What should be kept in mind to avoid crypto investment scams? Question- Is cryptocurrency illegal in India? Answer- Cryptocurrency is not illegal in India, but it is also not regulated. This means you can buy and sell cryptocurrencies like Bitcoin, Ethereum, etc., in India, but there is no clear law or regulatory framework that governs it. Current Legal Status (up to 2024-25) The Government of India has neither recognized cryptocurrency as legal tender nor completely banned it. This means you cannot purchase goods or services with crypto. However, it can be held as an investment. RBI’s stance on this: 2018: RBI instructed banks not to participate in any transactions related to crypto. 2020: The Supreme Court overturned this ban and stated that people can invest in crypto. 2021-2023: RBI repeatedly expressed concerns about the risks of crypto (such as money laundering, terror funding, consumer loss) and promoted digital currency (CBDC) i.e., e-RUPI. Tax rules (applicable from 2022): The Government of India decided to impose taxes on crypto in 2022, making it clear that the government is not completely banning it- 30% tax: On profits from crypto. 1% TDS: Will be deducted on every transaction. Question- Can online coaching or training related to crypto also be a scam? Answer- Yes, often online ‘crypto gurus’, ‘investment coaches’, or ‘signal groups’ are created just to deceive people. They include people in WhatsApp or Telegram groups, provide fake information, and extort money. Question- Does the police help in case of a crypto scam? Answer- Yes, in the case of a crypto scam, you can file a complaint at cybercrime.gov.in or register an FIR at the nearest cyber police station. However, due to the untraceability of crypto and foreign platforms, the chances of recovery are low. Therefore, it is extremely important to be cautious.