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.
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On the day of the unfortunate event, Ankit went to his mother’s room and discussed his studies, following which he went to his room. And, when he did not come out of his room after a long time, his mother went to call him and saw him hanging, said the cops. Further, the police mentioned that the family had no idea about his investments in Bitcoin and from where he got the money.
Upon reaching the crime scene, the police found the deceased’s mobile phone. Upon examining the device, details of Bitcoin investment and long chats regarding the same were found. However, the mother was unaware of his cryptocurrency-related investments.
the boy distributed the amount through an online crypto investment company that he had previously found while using Telegram. The firm promised high returns, and the student transferred over $4,200 in bitcoin.
However, he did not get any return on his investment. When he asked for his money back, the representative of the organization he was in touch with stopped answering his calls and stopped all communication. The victim was feeling depressed after the alleged fraud, which prompted her to take the “extreme step” of ending her life.
Police officer Santosh Kumar Arya said that preliminary investigation revealed that the investment company was “genuine”. He said that if the boy’s family lodges a complaint, the law enforcement agencies will thoroughly investigate the matter. Arya also confirms that the death was a result of suicide, as the student had used a piece of cloth to hang himself.
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.
