• A second-year B.Com student in the Indian city of Lucknow committed suicide after losing a bitcoin investment of 3.5 lakhs ($4,200).
• The student sent the money to a cryptocurrency investment firm he learned about on the messaging app Telegram who promised substantial profits.
• After requesting a refund, the organization’s representative stopped returning his calls and ended all other forms of contact, leading to the victim feeling discouraged and taking drastic measures.
Indian College Student Commits Suicide Due to Crypto Scam
On March 12th 2023 (March 13th 2023) 8:05 pm, news broke that a second-year B.Com student from Lucknow, India had committed suicide due to a cryptocurrency scam. According to reports, he had invested 3.5 lakhs ($4,200) in a bitcoin investment firm after hearing their assurances of substantial profits.
Investment Company Legitimate
After contacting the company for a refund when his investments didn’t provide any returns, their representatives stopped communicating with him completely. This led him to feel so down that he decided to take drastic measures and take his own life.
Police Investigation Underway
Santosh Kumar Arya, police investigator in charge of the case said they will conduct an investigation into this terrible occurrence if they receive an official complaint from the victim’s family. He added confirmation that the student had hung himself.
Crypto Lobby Discouraged By Government Action
The Indian government has always been wary about cryptocurrency because of its decentralized aspect; which is only amplified by recent bankruptcies of many crypto enterprises and individual losses due to crypto frauds.
The Indian crypto lobby is already discouraged by the government’s 30% tax on crypto transactions and further negative legislative action might be detrimental for the sector.