Reportedly, a 43-year-old Bengaluru businessman named P G Saji has suffered a tremendous loss of Rs 1.05 Crore in the name of crypto currency trading. The businessman hailing from Ichalampady in Kadaba taluk of Dakshina Kannada district attempted to trade in crypto for which he downloaded the Binance App and Defi App as instructed by a user named Ayaka Watanabe on Telegram.
As a result, he downloaded the app from his iPhone’s program Store. He immediately received a request to create wallets on both applications, which he completed with his email address and mobile number. After he was finished, an unidentified individual told him about exchanging and dealing using a website and token address. As soon as he transferred Rs 1,05,79,711 via his two bank accounts, he lost the whole amount to a scam related to crypto currency trading.
As per the Indian Law, a case has been filed against the accused under Sections 66(D),66(C) of the IT Act and IPC Sections 420 and 417. The Indian SEBI has also ordered the local regulators to keep an eye on crypto trading in India in order to monitor the activities.
This whole incident is no less than a warning to all the crypto traders to keep in mind that the crypto market is a risky market and precautions should be taken to safeguard your investments from potential frauds.
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Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
