Cryptocurrency Scams in India
The craze of investing in cryptocurrencies is wide spreading. More and more people are investing in cryptocurrencies but because of some common mistakes, they get scammed. In India earlier the fraud and
scams were limited. But these days the scams are not limited only to hacking and online phishing but they are spreading like wildfire. These days cryptocurrency scams is very common. After RBI’s order to banks
for not to entertain anyone who deals in cryptocurrency, the cryptocurrencies related scams got increased. Earlier the scams were not properly unrevealed. In India, the biggest scams done by Mr. Amit Bhardwaj who is the founders of GainBitcoin came out when the complaint was lodged against him by the investors as he promised investors to give 10% monthly return on investing the money for 18 months under the scheme. Many people got attracted to the offer and invested. Recently the source revealed that Mr.Raj Kundra husband of popular celebrity Shilpa Shetty Kundra is also the part of this scams. He helped Mr. Bhardwaj in money laundering of INR 2000 Cr.
The list does not end here. The scams are done by launching Ponzi schemes like giving good returns; free earning of digital coins, doubling of investment in the short period of time etc. and many people were taken in by giving lucrative schemes.
One of the scams is done by one coin launched digital coin-led investment scheme and promise the investors to give good returns in short time and more than 400 people got engaged in the lucrative offer and invested in the scheme and the Founder of fleeing away when investor realized that the company having no registered office anywhere
In April 2018, one more case of scams done by Delhi based popular crypto exchange coinsecure came out. The CEO of the company robbed and Bitcoins of INR 20 Cr. Because he was not able to refund money to its investors
How to avoid yourself getting into the scams?
I strongly recommend you that, Before you choose any coin to investor choose any exchange platform for investing Its required to do some homework so that you can escape from being scammed and avoid getting burned. Try to keep away from the exchange that offers only lucrative scheme. Check the background of the exchange like Who is the owner of the exchange, what is the customer’s review about the exchange, what is the actual market cap of coins and what they are offering etc. One more thing can be done to avoid being scammed is try to keep only that much fund or coins in the wallet that is required for exchange and upgrade the wallet from time to time. Because there were thousands of coins entered into cryptocurrency market but many of them flee away.so its good to do homework before taking any decision.