Bengaluru businessman falls victim to ₹52 Lakh Bitcoin scam

In this post:

  • Bengaluru businessman loses ₹52 lakh in a Bitcoin scam triggered by a WhatsApp message.
  • The victim invested heavily, pledging gold and borrowing from friends, lured by promising crypto returns.
  • Unable to recover funds, the businessman faces bankruptcy, highlighting the risks of online trading platforms.

 Nalagani Gururaju, a 39-year-old businessman from Bengaluru, lost over ₹52 lahk in a Bitcoin scam. The tale began innocently enough when an anonymous individual contacted Gururaju through WhatsApp, offering him a part-time job to subscribe to various YouTube channels, for which he was paid ₹50 per subscription​.

His foray into the world of cryptocurrency started when he was added to a Telegram group, where the conversation revolved around investing in Bitcoin. The group, populated by alleged cryptocurrency brokers, offered enticing investment packages, promising handsome returns on investments​.

Driven by the success stories and screenshots of substantial earnings shared by group members, Gururaju decided to take the plunge. He transferred ₹52 lakh to various bank accounts as part of his initial investment, driven by the promise of lucrative returns​1​.

A dream soured: The perils of digital deception

The platform used by Gururaju was cleverly designed to mimic reputable cryptocurrency exchange platforms, luring unsuspecting investors into a false sense of security. He was led to believe that his investments were yielding profits, as his account balance purportedly ballooned to over ₹65 lakh​.

However, the dream became a nightmare when Gururaju realized he could not withdraw his earnings. The group administrators claimed that a tax payment was required before any withdrawal could be made, a claim echoed by other group members, further instilling trust in the fraudulent scheme​.

When Gururaju confronted the administrators, they confessed to the deceit but demanded an additional ₹3 lakh to let him join the scheme as a partner, claiming they operated from Mumbai​1​.

In the aftermath of the incident, Gururaju’s businesses are barely surviving. Despite his attempt to recover his lost funds, the bank was unable to help, revealing that the fraudsters’ accounts were held in private banks across Delhi, Andhra Pradesh, and Odisha​.

As it stands, the grim situation continues to unfold for Gururaju and his employees. It is important to know that the case, now registered at South East CEN Crime Police Station, is under investigation. The incident has sent shockwaves through Bengaluru’s business community, raising serious concerns about the risks associated with online trading platforms.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Ryan Salame
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