Cryptocurrency has emerged as a revolutionary investment avenue, but it also brings with it its fair share of challenges. The recent news of a multi-crore cryptocurrency scam, as reported by the Tribune News Service, reveals a concerning statistic – over 1 lakh investors have fallen victim to this scam, yet only 350 complaints have been registered with the Special Investigation Team (SIT). In this article, we will delve into the details of this cryptocurrency fraud and explore the reasons behind the limited number of complaints.
The Cryptocurrency Scam Unveiled:
The multi-crore cryptocurrency scam began in 2018 and, within just five years, managed to deceive thousands of people, collectively causing a loss of Rs 2500 crore. This colossal deception has left countless investors devastated, with some losing their lifetime savings. One such unfortunate case is that of a retired armed forces personnel who lost a staggering Rs 1.5 crore to this scam, emphasizing the gravity of the situation.
Investors Remain Silent:
The shocking revelation in this case is the stark contrast between the number of investors who fell prey to the scam and the number of individuals who have reported the fraud. As per the SIT's latest statistics, only 350 complaints have been lodged, despite a vast number of investors being duped. There are multiple explanations for this quiet:
1. Fear of Shame: Many victims may be reluctant to come forward and report their losses due to the fear of public shame. The societal stigma associated with being a victim of a financial scam can be a significant deterrent.
2. Legal Consequences: Some investors or agents who initially profited from the fraudulent scheme may now fear legal consequences if they report the matter to the police. As a result, they prefer to remain in hiding rather than seeking justice.
3. Proximity to Scammers: In several cases, investors or agents had convinced their family members or acquaintances to participate in the bogus cryptocurrency scheme. Due to their personal relationships, even though these individuals were defrauded, they may choose not to initiate any criminal action to protect their loved ones.
SIT's Efforts:
The Special Investigation Team, comprising dedicated officers, has been actively investigating this cryptocurrency fraud. As per Abhishek Dullar, DIG Northern Range and the head of the SIT, the first FIR in the case was registered in September. Since then, complaints have started to pour in, albeit at a relatively slow rate. To encourage more victims to come forward, the SIT has also set up a helpline dedicated to cryptocurrency scam-related complaints.
The cryptocurrency fraud affecting over 1 lakh investors and causing losses amounting to Rs 2500 crore is a stark reminder of the perils that can accompany the allure of high returns in the digital currency world. While the reasons for the limited number of complaints vary from fear to family ties, it is essential for victims to step forward and report the fraud. By doing so, they not only seek justice for themselves but also contribute to the fight against cryptocurrency scams, thereby making the digital financial world safer for all. It's crucial for regulatory bodies and law enforcement agencies to take swift action against such scams to protect investors and maintain trust in the cryptocurrency market.