According to the latest report, a software developer from Pune, India is reported to have lost 13 lakhs INR while investing in TRX
Pravin was added to a Telegram group named Reliance Foundation Telegram group with over 16,000 members
He was asked to transfer those tokens to the admins and after doing so Pravin stopped getting any response from the group
TRX tokens to frauds, promising high returns on investments.
India is one of the fastest-growing economies in the world that is rapidly adapting to blockchain tech. India is home to millions of crypto investors and with the government working towards blockchain regulation, this number is expected to grow exponentially. However, with the rise in adoption, a steep rise in the cases of blockchain cyber crimes is also witnessed.
According to the latest report, a software developer from Pune, India is reported to have lost 13 lakhs INR while allegedly investing in TRX cryptocurrency token. Pravin Nanaso Rasal, a 30-year-old Software Developer has filed an FIR in the cyber crime department of the Maharashtra Police that records a loss of 13 lakh rupees while allegedly investing in cryptocurrencies.
According to the filed report, Pravin was added to a Telegram group named Reliance Foundation Telegram group with over 16,000 members in it. The group was supposed to give buying calls to its members and usually used to do so. In October 2022, a series of messages in the group asked the members of the group to invest heavily in TRX tokens to get instant returns.
Pravin followed the signal and bought 230 thousand TRX tokens, worth close to 13 lakh Indian Rupees. He was asked to transfer those tokens to the admins and after doing so Pravin stopped getting any response from the group. Even after months of trying to contact the admins, the victim reported the crime to the cyber cell of the Mumbai police which filed a case against Wilgrat Singh Sahi, the owner of the wallet address provided by Pravin.
“The probe suggests that there were around 1,600 members in the Telegram group. Starting with the complainant’s case, we are investigating the possibility of a racket in which many people could have been cheated on the pretext of investment in cryptocurrency. We are working on some key technical leads.” - Official statement from the Cyber Crime Police
The rate of crypto crimes has seen a rampant rise in the last few months. As the markets are undergoing a severe correction, investors are trying to make quick money from the market and falling into the trap of these crypto frauds.
CoinGabbar advises readers to always keep their private keys secure and not send any crypto tokens to unknown crypto wallets. Crypto transactions are irreversible and you could lose the entire amount as there are no intermediaries in between. Even centralized crypto exchanges cannot reverse blockchain transactions and thus one should be very careful while moving their crypto assets.
Also, Read - South Korea Working Towards Regulating Security Tokens in the Country
