Rashid Alam, an Indian businessman based in Abu Dhabi, faced a heartbreaking loss of $20,000 (Dh73,461) to a cryptocurrency scammer who he mistakenly identified as a former vendor named Nancy.
The trap was set in March when Alam received a WhatsApp message from an unknown international number. The person behind the message introduced herself as Nancy. Alam, recalling a former business acquaintance with a similar name, believed he was interacting with a trusted vendor. Their conversations initially revolved around work and family but eventually pivoted to cryptocurrency trading.
Nancy, posing as a successful textile businesswoman, convinced Alam to invest $1,000 in a suggested cryptocurrency platform. With a three-fold return on his initial investment, Alam’s confidence in the scheme grew. Later, under the lure of greater profits, he invested a whopping $20,000 in the platform’s leverage program. His trust was further fortified by a WhatsApp group with individuals who appeared to be beneficiaries of the scheme.
However, alarm bells rang when Alam faced challenges withdrawing his returns and was confronted with a sudden 30% tax clause. Further inquiries revealed the truth – he had fallen victim to a widespread scam.
This incident is eerily similar to multiple cases previously reported by Khaleej Times, warning residents about these crypto schemes. The notorious “pig butchering scam” employs social media and messaging platforms to target potential victims. After establishing trust, scammers encourage substantial investments in counterfeit trading platforms, only to disappear with the funds.
Given the rising menace of cybercrimes, which could globally cost an estimated $10.5 trillion annually, UAE authorities continue to advocate caution, especially on social media platforms.
