An Ahmedabad-based software engineer found himself ensnared in a cryptocurrency scam, resulting in a staggering loss of over Rs 1 crore as cases of scams in India are witnessing an alarming surge, with unsuspecting victims losing their money to cunning swindlers.

Kuldeep Patel, a software engineer, recently approached the cybercrime police narrating his ordeal of financial misfortune. Patel had encountered a woman named Aditi on a matrimonial website in June and what he thought was an innocent connection led him down a path of financial ruin.Aditi, who claimed to be engaged in import and export business in the UK, lured Patel into an investment scheme involving a cryptocurrency known as 'banocoin.'

With persuasive words and promises of substantial returns, she convinced Patel to invest his money in this volatile digital currency. Patel, trusting Aditi's guidance, proceeded to engage with a purported 'customer care representative' of Banocoin.

Under Aditi's influence, he registered on Banocoin's website and embarked on a series of investments, hoping to reap lucrative rewards. His initial investment of Rs 1 lakh yielded a profit of 78 USDT (US dollar tether).#crypto