• A second-year B.Com student in the Indian city of Lucknow committed suicide after investing 3.5 lakhs ($4,200) in a cryptocurrency investment firm, only to not receive any returns on their investment.
• The Indian government has expressed wariness towards cryptocurrencies due to their decentralized aspect, with recent bankruptcies and crypto frauds only amplifying anti-crypto voices.
• Police have launched an investigation into the incident and are taking the family’s complaint seriously, though the Indian crypto lobby is discouraged by the government’s 30% tax on crypto transactions.
Indian College Student Commits Suicide Over Crypto Scam
A second-year B.Com student from Lucknow, India committed suicide after losing a sizeable amount of money to a cryptocurrency investment scam. The victim had invested 3.5 lakhs ($4,200) in bitcoin after hearing promises of significant returns from a company he found on Telegram messaging app. However, once he requested his funds back, representatives stopped all forms of contact and failed to return his money or profits resulting in him taking drastic measures leading to his untimely death.
Indian Government’s Wariness Regarding Cryptocurrency
The Indian government has been wary about cryptocurrency due to its decentralized aspect for quite some time now with recent bankruptcies and crypto frauds further amplifying anti-crypto voices within the country. This particular incident highlights how serious these scams can be and why it is important for investors to conduct thorough research before investing into any such schemes that guarantee high returns over short period of times as they are usually too good to be true and it could end up costing you your life savings if you aren’t careful enough.
Police Investigation Launched
Local police have launched an investigation into this terrible occurrence upon receiving a complaint from the victim’s family members who were present at the scene when he took his own life by hanging himself with a piece of fabric according to Santosh Kumar Arya, a police investigator who also confirmed that initial inquiries established that the investment firm was legitimate hence further investigations would be conducted if needed based on what is uncovered during this case study .
Crypto Lobby Discouraged by Tax Policy
The Indian crypto lobby is already discouraged by the government’s 30% tax on crypto transactions which can act as another deterrent for potential investors looking at entering this space just because they fear being scammed or falling prey to fraudulent activities . Though strict regulations might help reduce such occurrences but it could also lead people away from adopting cryptocurrencies completely causing more harm than good in terms of adoption rate within India itself .
In conclusion , we must make sure that adequate safety measures are put in place so that such unfortunate events don’t happen again as no one should ever lose their life savings just because they wanted to invest into something new or explore different avenues that could potentially provide them with better financial outcomes than traditional methods . It is our duty as responsible citizens & traders operating in this space make sure that we take all necessary precautions while transacting online & never fall prey to scammy deals & platforms as it can cost us dearly if we don’t pay attention & practice due diligence while dealing with such matters .