Cryptocurrency scam in Abu Dhabi with Businessman

The Indian national was impressed by the scammer’s business sense and was convinced of the scheme’s authenticity.

Costly Mistaken Identity

In a heartbreaking turn of events, an Indian businessman residing in Abu Dhabi found himself devastated after mistakenly identifying a scammer as a previous vendor who shared the same name. This error resulted in a significant loss of $20,000 (Dh73,461) in a meticulously orchestrated cryptocurrency scam.

Deceptive WhatsApp Message

The ordeal commenced innocently enough in March when Rashid Alam (name changed upon request) received a seemingly harmless WhatsApp message. An individual named Nancy reached out to him from an overseas phone number, inquiring if he still required certain products.

Past Encounters Influence Response

Rashid’s past interactions with a vendor named Nancy, where he had procured industrial chemicals for his former business venture in Ras Al Khaimah, played a pivotal role in his response. He mistakenly believed it was the same Chinese vendor and, while clarifying his shift away from the chemical business, unknowingly opened the door to deception.

This unfortunate incident serves as a cautionary tale highlighting the importance of vigilance and verification when dealing with unfamiliar or unexpected messages, especially in the realm of cryptocurrency, where scams can be both convincing and costly.