A Cautionary Tale of Cryptocurrency Scams in India: My Experience of Losing Over 1.3 Crore to a Fraudulent Matrimonial Partner

 Cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology, a distributed ledger enforced by a network of computers. Cryptocurrencies are attractive to some investors because they offer high returns, anonymity, and independence from central authorities.

However, investing in cryptocurrencies also involves high risks, such as volatility, hacking, fraud, and scams. In India, where cryptocurrency is not regulated by the government, many people have fallen prey to various schemes and scams that promise huge profits from crypto trading. One such case is that of a 32-year-old engineer from Karnataka, who lost over Rs 1.3 crore after agreeing to his matrimonial partner’s investment request.

According to a report by The Times of India, the engineer, identified as Bharath Kumar Nayaka BR, met a woman named Priya Sharma on a matrimonial website in July 2023. Priya claimed to be a resident of Delhi and working as a software engineer in Canada. She convinced Bharath to invest in a cryptocurrency called AGG Coin, which she said was launched by her company AGG Global.

Priya told Bharath that AGG Coin was a new and promising cryptocurrency that would give him huge returns in a short period of time. She also said that she had invested Rs 10 crore in AGG Coin and was expecting to get Rs 100 crore in return. She asked Bharath to invest at least Rs 10 lakh in AGG Coin and promised to marry him once they both got their profits.

Bharath, who was smitten by Priya’s charm and impressed by her credentials, agreed to invest in AGG Coin. He transferred Rs 10 lakh to Priya’s bank account and received an email confirmation from AGG Global. He also downloaded an app called TEX556, which Priya said was the platform for trading AGG Coin. He created an account on TEX556 and saw his balance as Rs 10 lakh.

Priya then asked Bharath to increase his investment in AGG Coin, saying that the price of the coin was going up and he could make more profit. She also said that she had invested another Rs 10 crore in AGG Coin and was expecting to get Rs 1,000 crore in return. She urged Bharath to invest at least Rs 50 lakh in AGG Coin and promised to marry him soon.

Bharath, who was blinded by love and greed, agreed to invest more money in AGG Coin. He borrowed money from his friends and relatives and sold his ancestral property to raise funds. He transferred Rs 50 lakh to Priya’s bank account and received another email confirmation from AGG Global. He also saw his balance on TEX556 increase to Rs 60 lakh.

Priya then asked Bharath to invest even more money in AGG Coin, saying that the price of the coin was skyrocketing and he could become a billionaire in no time. She also said that she had invested another Rs 100 crore in AGG Coin and was expecting to get Rs 10,000 crore in return. She urged Bharath to invest at least Rs 1 crore in AGG Coin and promised to marry him immediately.

Bharath, who was completely under Priya’s spell, agreed to invest all his money in AGG Coin. He took loans from banks and private lenders and sold his car and bike to raise funds. He transferred Rs 1 crore to Priya’s bank account and received another email confirmation from AGG Global. He also saw his balance on TEX556 increase to Rs 1.6 crore.

Priya then told Bharath that they had made enough money from AGG Coin and it was time to withdraw their profits. She said that she had already withdrawn her money from TEX556 and was waiting for him to do the same. She asked him to follow the instructions on TEX556 to withdraw his money.

Bharath followed the instructions on TEX556 and clicked on the withdraw button. He entered his bank details and the amount he wanted to withdraw. He was shocked when he saw a message on TEX556 saying that he had to pay a commission fee of 10% of his withdrawal amount before he could get his money.

Bharath contacted Priya and asked her about the commission fee. Priya said that it was a normal procedure for withdrawing money from TEX556 and assured him that he would get his money after paying the fee. She asked him to pay the fee as soon as possible so that they could get married.

Bharath paid the commission fee of Rs 16 lakh from his remaining savings and waited for his money to be transferred to his bank account. However, he did not receive any money from TEX556. He contacted Priya again and asked her what was going on.

Priya said that there was a technical glitch in TEX556 and that he had to pay another fee of 5% of his withdrawal amount to fix the issue. She asked him to pay the fee quickly so that they could get married.

Bharath paid the fee of Rs 8 lakh from his credit card and waited for his money to be transferred to his bank account. However, he did not receive any money from TEX556. He contacted Priya again and asked her what was happening.

Priya said that there was another problem in TEX556 and that he had to pay another fee of 2% of his withdrawal amount to resolve it. She asked him to pay the fee urgently so that they could get married.

Bharath paid the fee of Rs 3.2 lakh from his debit card and waited for his money to be transferred to his bank account. However, he did not receive any money from TEX556. He contacted Priya again and asked her what was wrong.

Priya said that there was one last hurdle in TEX556 and that he had to pay a final fee of 1% of his withdrawal amount to clear it. She asked him to pay the fee immediately so that they could get married.

Bharath paid the fee of Rs 1.6 lakh from his online wallet and waited for his money to be transferred to his bank account. However, he did not receive any money from TEX556. He contacted Priya again and asked her what was the matter.

Priya did not reply to Bharath’s messages or calls. Bharath realized that he had been scammed by Priya and AGG Global. He checked the website of AGG Global and found out that it was a fake website created by the scammers. He also checked the app of TEX556 and found out that it was a fake app designed by the scammers. He also checked the bank account details of Priya and found out that they were fake too.

Bharath had lost over Rs 1.3 crore to Priya and AGG Global in a cryptocurrency scam. He had also incurred huge debts from banks, private lenders, friends, and relatives. He had also lost his ancestral property, car, bike, and savings. He had also lost his chance of getting married.

Bharath filed a complaint with the CID Cyber Crime police on September 10, 2023. The police registered a case of cheating, fraud, and criminal conspiracy against Priya Sharma, AGG Global, and TEX556. The police are investigating the case and trying to trace the whereabouts of the scammers.

This is one of the many cases of cryptocurrency scams in India, where unsuspecting investors are lured by fraudsters into investing in fake or dubious cryptocurrencies with false promises of high returns. The scammers use various tactics such as creating fake websites, apps, profiles, groups, etc., to deceive the investors. The scammers also use social engineering techniques such as impersonating as experts, celebrities, friends, relatives, partners, etc., to gain the trust and confidence of the investors.

The investors often fall for these scams because they lack awareness and knowledge about cryptocurrencies and their risks. They also get influenced by the hype and craze surrounding cryptocurrencies in the media and social networks. They also get tempted by the greed and fear of missing out on a lucrative opportunity.

The investors often end up losing their hard-earned money to these scams and face financial and emotional distress. They also face legal troubles as cryptocurrency is not regulated by the government in India and there is no clear framework for redressal or recovery of their losses.

Therefore, it is advisable for investors to be cautious and vigilant before investing in cryptocurrencies. They should do proper research and due diligence about the cryptocurrency, its platform, its developers, its history, its performance, its reputation, its legality, etc., before investing in it. They should also avoid investing in unknown or unverified cryptocurrencies that claim to offer unrealistic or guaranteed returns. They should also avoid investing in cryptocurrencies based on hearsay or recommendations from strangers or untrusted sources.

Investing in cryptocurrency is a risky venture that requires knowledge, skill, experience, patience, discipline, and prudence. It is not a get-rich-quick scheme or a magic bullet that can solve all your financial problems. It is a highly volatile and speculative market that can make you rich or poor in a matter of minutes.

Therefore, invest wisely and responsibly in cryptocurrency only if you understand its risks and rewards and only if you can afford to lose your money.

I hope you found this blog post informative and helpful. If you have any questions or comments about cryptocurrency scams in India or anything else related to cryptocurrency, please feel free to leave them below. Thank you for reading! 😊