Fatima Imran, a 25-year-old woman, asked her acquaintances for money and indicated that she needed the amount to pay the mortgage on her house. However, police discovered that she not only used the money to invest in a cryptocurrency scam, but also lost everything.
The case took place in Oshawainto a city Canada with approximately 139,000 inhabitants. The police even revealed a photo of the woman, believing that in this way they would find other victims of this loan.
With Bitcoin and other cryptocurrencies soaring in 2023, some investors may feel pressured to look for opportunities to make profits, but end up falling for schemes or investing more than they can afford to lose. Therefore, the moment requires calmness and rationality.
Woman arrested after borrowing money and using it in cryptocurrency scam
According to police information published by the Toronto Sun newspaper, Fatima Imran is facing three lawsuits related to loans he took out to pay his mortgage but ultimately lost in a cryptocurrency scam.
Although the amount has not been disclosed, each fraud case involves an amount of more than 5,000 Canadian dollars, approximately R$18,150 per person.
After deceiving her acquaintances, she left “diverted the funds to participate in a cryptocurrency scam, resulting in the total loss of the borrowed funds”Durham police said.
The name of the plan in question has not been disclosed. However, with the rise of cryptocurrencies, scammers are taking advantage of the public’s lack of knowledge and curiosity to carry out a wide variety of scams.
For example, recently an application that promised to double the money deposited stopped paying its customers, turning them into victims.
Imran was eventually released, but will appear in court at a later date. The politician also released a photo of the 25-year-old woman, believing she had caused more victims in the region.
Rising cryptocurrencies can be a danger for inexperienced investors
As Bitcoin and other cryptocurrencies gain prominence due to their recent high valuations, scammers are using this data to falsely promise unrealistic financial returns. Many inexperienced investors end up falling for these scams.
Therefore, the recommendation for new investors is to gain knowledge before entering this market. Once you are convinced, you can start looking for reliable brokers to make your first investments.
Finally, there is another tip: always stay calm. After all, one of the strategies that scammers use most is the ‘sense of urgency’, which means that their victims do not have time to research what they are offering them.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.