Dentist Scammed of ₹81 Lakh on Cryptocurrency Investments

Key Takeaways:

  • Dr. Abhishek Pal became a victim of “pig butchering” scam by a woman in India.
  • The woman claimed to be from Hong Kong.
  • The woman cheated the man for ₹81 lakh on the promise of phenomenal returns on cryptocurrency investments.

Cryptocurrency is still a hot topic worldwide where money is involved. Scammers are lurking around and cheating people. However, a new scam which is known as “pig butchering” is making headlines these days. This scam was initially originated in China and is now spreading to other countries. It’s known in Chinese as “sha zhu pan,” which translates to “pig butchering” in English. It is primarily a type of cybercrime that consists of relationship and investment fraud.

According to the National Cyber Crime Portal press release recently a dentist named Dr. Abhishek Pal became a victim of “pig butchering” scam by a woman in India. The woman claimed to be from Hong Kong and the man belonged to Chhattisgarh’s Rajandgaon district. The woman cheated the man for ₹81 lakh on the promise of phenomenal returns on cryptocurrency investments.

The method used by those involved in such a scam is to make contact with potential victims through women via social media platforms or dating apps. Over time the scammer grooms them into investing in fraudulent schemes that promise high returns. Several cases involving the scam, which is said to have begun in China in 2016, have been reported in countries such as the United States and Singapore.

The case was reported at the Kotwali Police Station in Chhattisgarh by the dentist. After the dentist reported the case, the police on Sunday registered a case under IPC sections 420 (cheating) and 406 (criminal breach of trust) and sections 66 (computer-related offenses) and 66D (cheats by personating) of the Information Technology Amendment Act 2000, and started investigation.

The dentist claims to be a victim of cryptocurrency fraud, and the case may be investigated by the central investigation agencies. According to the allegations made by the dentist, a woman from Hong Kong named Anna Li began started chatting with him on Vkontatke. Vkontatke is a social networking website. The dentist further said that he later began to chat on WhatsApp.

The woman then cheated the victim into registering online with a currency and share trading app. She asked the victim to open an account on a cryptocurrency exchange and transfer cryptocurrency through a website that turned out to be compromised under the guise of tripling his money.

The victim eventually invested around ₹81 lakh. When he told the woman that he wanted to withdraw his money from the account, he was told that he would have to pay a tax on foreign exchange withdrawals.

The victim paid the money, but he was unable to withdraw it. He was then asked to send 5% of the total deposit amount to complete the process. The victim realized he had been cheated. When he refused to pay more money, the woman, who controlled the account, withdrew all of the funds.

Scammers do not directly ask for money; instead, they direct victims to a fraudulent investment website or app that they control. Scammers use a variety of ploys in the name of “customer service” to persuade and harass victims into depositing additional funds into their own “account” on the fraudulent platform. Finally, the victims’ funds are unable to be withdrawn.

The case is currently being investigated and there is no trace of the woman. As of writing this, the central investigation agencies have not shared any information regarding it.

Chaahat Girdhar
Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

Newsletter

Crypto News, NFTs and Market Updates

Can’t find what you’re looking for? Type below and hit enter!