Two individuals, Varun Yadav in London and a man in Bengaluru, fell victim to a cryptocurrency scam orchestrated by individuals they met on matrimonial websites. The fraudsters lured them into investing in a platform called deuncoin.com. The scam involved manipulating investors to deposit increasing amounts of money, falsely showing gains, and then preventing withdrawals by citing suspicious activity. The scammers further urged victims to invest more for various reasons.
Modus operandi of the crypto scam on Deuncoin:
I.) You are asked to create an account at the likes of Deuncoin. You invest money to buy crypto tokens. The account shows that you own a certain range of tokens or even small withdrawals are permitted.
II.) Upon seeing the increase in the portfolio, the gullible investor may get incentivized to invest more. At this stage, the investor is even allowed to withdraw gains.
III.) But soon, losses start to mount due to the manual manipulation carried out on the platform.“No remember how efficiently you invest, your account might show losses because of the manual manipulation they do at the platform.
IV.) However, when you need to withdraw a part of your portfolio, customer care would give lame excuses such as your account witnessed suspicious activity.
V.) customer care would prompt you to invest a big sum directly from your bank account to complete the verification for restoring withdrawals.
VI.) In fact, there is no suspicious activity & urging the investor to invest more money is a ploy to extract an extra pound of flesh.
VII.) Their representative might create a faux sense of urgency to invest more money before withdrawals are allowed.
VIII.) Even after investing extra cash, the company representative would continue to urge the investor to invest more money in the name of capital gain tax or something else.
IX.) Under no circumstances, they allow depositors to withdraw any cash. The more you invest, the bigger the scam you emerge as vulnerable to.
