Tata, who is one of India’s most respected businessmen, said that he has no interest in cryptocurrencies and that anyone who claims otherwise is trying to scam people.
Ratan Tata, the 85-year-old chairman emeritus of the Tata Group, took to Twitter to warn his followers about cryptocurrency scams. He shared a screenshot of a fake news article that claimed he had invested in cryptocurrencies, and said that the article was “untrue” and “a move to scam people.” “I request netizens to please stay aware. I have no associations with cryptocurrency of any form,” he tweeted.
Ratan Tata’s clarification on his stance on crypto was met with gratitude from several citizens, who said that it was important to raise awareness of the risks involved in investing in the DeFi industry.
In 2015, Ratan Tata invested in a Silicon Valley Bitcoin startup called Abra, but the amount of his investment has never been made public.
Anand Mahindra was the victim of fake news in November 2021. The news claimed that he had invested in cryptocurrency, which left banks terrified and experts in awe.
The news also claimed that Mahindra had found a “wealth loophole” that could make people millionaires in three months.
Mahindra later clarified that he had not invested a single rupee in cryptocurrency and that the news was completely fabricated.
The lack of regulation in the cryptocurrency market in India has made it a breeding ground for scams. New investors, who are often inexperienced, are easy targets for scammers who promise high returns with little risk.
Crypto scams were rampant in 2022, with losses totaling $2.57 billion. That’s 37% higher than in 2021, and it’s a sign that the industry is still rife with fraud.
If you’re thinking about investing in cryptocurrency, be aware of the risks. Scammers are always looking for new ways to steal people’s money, and the cryptocurrency market is no exception.
Do your research before you invest, and only invest with reputable companies.