An Indian American Lost ₹4 Crore in An Online Pig Butchering Scam

An Indian American Lost ₹4 Crore in An Online Pig Butchering Scam

An Indian American Lost ₹4 Crore in An Online Pig Butchering Scam

An Indo-American Software professional Shreya Datta, 37, is the most recent victim of the ‘pig butchering scam,’ an online financial fraud that cost both money and emotions to the victims.  Scammers allegedly stole $450,000 (approx. ₹4 crores) from Shreya through an online fake romantic relationship.

She reportedly met Ancel, an alleged French wine trader, via the dating application Hinge; the two also maintained contact on additional platforms, according to the reports.

With planning, the conman deleted all of his information from the dating application, leaving no traces.

Ancel, posing as a romantic interest, took advantage of Datta’s susceptibility following their divorce by luring her with guarantees of a flourishing retirement strategy powered by cryptocurrency investments. Datta invested her assets in what appeared to be a legitimate cryptocurrency trading platform, having faith in his assurances.

Nevertheless, concerns arose when the platform imposed supplementary charges referred to as “taxes” on withdrawals. It was not until Datta’s brother, who was situated in London, investigated the situation that Ancel’s true identity as a fitness influencer from Germany became known.

This distressing narrative illuminates the widespread occurrence of cryptocurrency fraud, as documented by the FBI, which claims that an astounding $3.5 billion was lost by more than 40,000 victims.

Nevertheless, the true number may exceed this approximation, given that numerous victims, including Datta, frequently refrain from reporting the incident out of humiliation and embarrassment.

What is a Pig Butchering Scam?

In the world of financial frauds, the “pig butchering scam” frequently entails an assailant acquiring funds or assets in a manner that is both cunning and sophisticated. This may encompass deceptive financial reporting, fraudulent accounting practices, Ponzi schemes, or any other type of financial fraud in which stakeholders or investors are misinformed regarding the actual characteristics of their investments or transactions.

The term “deceptive schemes” refers to situations in which entities or individuals may be duped into investing or participating under false pretenses, only to realize thereafter that they have been duped or misinformed.

About The Author:

Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space.  Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM.  Naager entered the field of content in an unusual way.  He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts.  He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field.  In the bottom line, he frequently writes for Craw Security.

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