53-year-old engineer falls victim to a bitcoin scam

He lost a staggering Rs 95 lakh to cybercriminals

Instagram friend Sonia Shenoy is behind this scam

In Bengaluru, a 53-year-old engineer, referred to as Kumar for privacy, fell victim to a bitcoin scam, losing a staggering Rs 95 lakh to cybercriminals who lured him with promises of substantial returns on his investment.

The incident unfolded when Kumar, residing in Shantalanagar, encountered a person named Sonia Shenoy on Instagram in 2021. Claiming to have an extensive background working with multinational investment firms specializing in bitcoins, Shenoy gained Kumar’s trust.

Subsequently, between January 2022 and January 2023, Kumar invested Rs 95 lakh in bitcoins at Shenoy’s behest. However, the situation took a nefarious turn as Shenoy and her associates abruptly severed communication, leaving Kumar in distress. According to Kumar, the turning point occurred in July 2022 when Shenoy informed him of a lucrative profit amounting to Rs 2 crore. To access this windfall, Kumar was instructed to make a payment of Rs 50 lakh for Tax Deducted at Source (TDS).

In a misplaced show of trust, Kumar procured the requested sum by obtaining personal loans from various banks. Unfortunately, the promised profit never materialized, leading Kumar to the realization that he had fallen victim to an elaborate scam.

The incident underscores the need for caution in online financial transactions and serves as a cautionary tale about the prevalence of cyber fraud.