Business magnate Ratan Tata, Chairman Emeritus of the Tata Group, has strongly refuted rumours of his involvement in cryptocurrency investments.

Dispelling Misinformation

Tata took to Twitter and Instagram to debunk the misinformation circulating about his cryptocurrency investments. He firmly stated, “If you see any articles or ads mentioning my association with cryptocurrency, they are absolutely untrue and meant to scam citizens.”

Fraudulent Schemes

He exposed an example of a news report that falsely claimed his involvement in cryptocurrency investments. The headline read: “Analysis: Ratan Tata’s recent investment has experts in disbelief and major banks concerned.” Tata urged netizens to remain vigilant and stay away from such fraudulent schemes, reiterating, “I have no associations with the cryptocurrency of any form.”

Similar Incidents

This isn't the first time that a tycoon has been linked to a scam. Chairman of the Mahindra Group, Anand Mahindra, faced a similar situation a couple of years ago when a fake news report surfaced, asserting that he had made substantial investments in cryptocurrencies. Mahindra had promptly responded to these baseless claims, expressing his disdain for the fraudulent nature of the report.

Cryptocurrency in India

As an asset class, cryptocurrency has left investors divided in India. Cryptocurrencies as a payment medium in India are not regulated by any central authority. In India, cryptocurrencies are classified as virtual digital assets and are subject to taxation. Online scams, especially the ones related to cryptocurrency, are rising with the advancement of technology.

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