Ludhiana Businessman Loses Rs 20 Crore to Cryptocurrency Scam

A recent incident in Ludhiana, Punjab has highlighted the growing threat of cryptocurrency scams in India. A 55-year-old businessman lost Rs 20 crore to a scammer who posed as a crypto expert from a big exchange.

The scammer targeted the victim with a fake investment scheme, promising high returns on a new token. The victim was convinced by the scammer's promises and transferred small amounts first, which were then used to build trust.

However, when the victim tried to withdraw his funds, the scammer demanded 'tax fees' and then vanished. This is a classic example of a 'pig butchering' scam, popular in India, where scammers target investors with fake investment opportunities and promises of high returns.

The incident has left the businessman's business facing loans and layoffs, and his family ties strained. Experts say that only 1-2% of such scam money is ever recovered, making it essential for investors to be cautious and take necessary precautions.