Surat businessman loses Rs 5 lakh in currency exchange scam: How to protect yourself

In today’s world, scams are becoming increasingly sophisticated, targeting unsuspecting individuals. One such case recently surfaced in Surat, where a businessman was duped of Rs 5 lakh in a currency exchange scam. This incident serves as a stark reminder of the importance of being cautious when dealing with unfamiliar investment opportunities.

The story begins with a 36-year-old businessman from Surat, Divya, also known as Chintu Khatri. He was approached by a man named Valji, who presented a lucrative currency exchange scheme that promised a good commission.

Also read: Mumbai woman loses Rs 1.5cr to fraudsters posing as govt officials: Here’s what happened

Valji then introduced him to Yusuf. Soon after, Divya was invited to Virpur, where he was instructed to hand over Rs 5 lakh in cash to unidentified individuals. He trusted the process, believing he would receive his promised commission and exchange. However, things took a turn for the worse when the exchange and commission never took place.

To make matters worse, Yusuf began issuing death threats to Divya, further escalating the situation, reports TOI. Realising he had been scammed, Divya registered a complaint at the Virpur police station in Rajkot.

This incident highlights how easily people can fall victim to scams, especially when they are promised quick returns or commissions. 

How to protect yourself from scams

• Verify the source: Always ensure that the person or company offering any investment opportunity is legitimate. Research their background and reputation.
• Avoid unsolicited offers: Be wary of offers that come through unsolicited emails, calls, or messages. Scammers often use these methods to lure victims.
• Never share personal information: Avoid sharing your financial details or personal information with anyone you do not trust completely.
• Seek professional advice: If an investment opportunity sounds too good to be true, consult a financial advisor or legal expert before proceeding.
• Report suspicious activity: If you suspect you’ve been targeted by a scam, report it to the authorities immediately to prevent further damage.