The urge to make quick bucks, riding on the crypto wave has cost as many people lakhs of rupees. As in an old saying, in the land of greedy, the fraudsters will not go hungry, the scamsters have defrauded many using various tactics. As many as 80 such cases are reported in Gujarat.
Cybercrime portal of Gujarat Police s replete with such stories of people getting systematically cheated with the help of fake applications and fraudulent websites. Crypto market is about a decade old but he overall transparency is lacking in the transactions and most very small users are attracted to without any sound investing knowledge and mostly driven by the desire to earn more in less time.
Police sources said that on the cyber-crime portal complaints from Vadodara are 11, from Surat 10 and from Rajkot 3, though Ahmedaabd tops the list with 22. Crypto currency market being unregulated, the complaints are registered under the Information and Technology Act.
Wild swings in crypto market draws investors towards crypto currencies. Crypto currency does not exist physically but stays in digital wallet. Online fraudsters have come out with various ways to cheat people. some of the ways are fradulant websites where one is given a tip to invest in crypto and end up becoming a victim upon visiting a fake website looking like the original. Similarly fake mobile apps also work the same way.
People are also cheated by lucrative offers from various social media platforms and float lucrative offers to which investors fall prey to. Investors also lose money by not verifying fake mails which are identical to the original crypto companies.