The victim was a second-year B.Com student in the Indian city of Lucknow.
After hearing the company’s assurances of profits, the student sent over $4,200 in BTC.
When it comes to cryptocurrency, the Indian government has always been wary because of its decentralized aspect. The recent bankruptcies of many cryptocurrency enterprises, however, have only amplified the voices of others who disagree. To add insult to injury, crypto frauds have caused significant harm to individuals curious about cryptocurrency use.
Reportedly, a second-year B.Com student in the Indian city of Lucknow committed suicide by hanging himself after losing a bitcoin investment of 3.5 lakhs ($4,200). Once a complaint was submitted by the victim’s family, the local police said they will conduct an investigation into the terrible occurrence.
Hindustan Times, a local media outlet reports that the young man sent the money to a cryptocurrency investment firm he learned about on the messaging app Telegram. After hearing the company’s assurances of substantial profits, the student sent over $4,200 in bitcoin.
Police Investigation Underway
Nevertheless, his investment did not provide any returns. Once he requested a refund, the organization’s representative stopped returning his calls and ended all other forms of contact. The victim felt so down about the alleged scam that he decided to take the drastic measure of taking his own life.
According to Santosh Kumar Arya, a police investigator, the first inquiry established that the investment firm was legitimate. He continued by saying that if the boy’s family did make a complaint to authorities, they would conduct a thorough investigation. Arya added confirmation that the student committed suicide by hanging himself with a piece of fabric.
The Indian crypto lobby is already discouraged by the government’s 30% tax on crypto transactions, and more negative legislative action might be the death knell for the sector.