The rapid spread of fake news and fraudulent schemes surrounding cryptocurrencies found a new target in business magnate, Ratan Tata – Chairman Emeritus, Tata Group. On 27^th June, 2023, clearing the rumours of his investments in cryptocurrency, Ratan Tata made it clear that he has no associations with cryptocurrency of any form.

Tata took to Twitter to share his official statement on the investment claims, “I request netizens to please stay aware. I have no associations with cryptocurrency of any form.” Sharing a screenshot of an article that stated his “recent investment had experts in disbelief and major banks concerned,” as an example, Tata added, “If you see any articles or ads mentioning my association with cryptocurrency, they are absolutely untrue and meant to scam citizens.”

This isn’t the first time that a business tycoon has been linked to a cryptocurrency scam. In 2021, Mahindra Group Chairman Anand Mahindra also denied investing in cryptocurrency, dubbing fake reportage.

Online scams, especially the ones related to cryptocurrency, are rising with the advancement of technology. Investors in India are divided on Cryptocurrency because it is not regulated by any central authority. In India, cryptocurrencies are classified as virtual digital assets and are subject to taxation. Last year, billionaire finance guru, Warren Buffett said cryptocurrencies weren’t a productive asset and that he wouldn’t consider buying the whole of bitcoin even for 25 US dollars!