Cryptocurrency: Young man chooses to commit suicide in despair after investing in digital currency

For several days in a row, in the midst of various pressures about the legitimacy of crypto, this time the news of a person from Telangana, who committed suicide in crypto, spread a new sensation in the whole country.

G. Ramalinga Swami, a 36-year-old resident of Suryapet, Telangana, decided to commit suicide out of depression and sadness after he became completely unhinged by investing in cryptocurrencies. According to the police, the said person took poison at a lodge in Suryapet town and caused the accident.

By Wednesday, after receiving no response from one of the lodge's rooms, the lodge's owner reported the matter to the local police. Shortly thereafter, the police arrived and recovered the frozen body of the man from the locked room.

At present, the body has been sent for post-mortem, according to sources. According to a police official, the man most likely decided to commit the final incident on Tuesday. The police also recovered a suicide note written to his wife from behind the dead body.

According to family sources, the man started investing in digital currencies through cryptocurrency apps along with two of his friends. Initially, they invest 10 lakh rupees. Later, expected returns, however, increased investment levels. And that's what happened. The person living in Telangana had to become a proletariat after collecting 70 lakh rupees from the loan.

The family also reported that the person was under constant pressure to return the money from the people or organizations from whom the money was borrowed. They even took the car belonging to the person and also made him sign some check papers.

By November 22, the man had turned up at a lodge in Suryapet city, probably to escape the grief of losing this huge amount of money in crypto, the burden of loans, and the constant nagging of creditors. The 36-year-old man was forced to commit suicide after being tempted by crypto.

Recently, Prime Minister Narendra Modi from an international forum asked all the countries of the world to be careful about using crypto. The main regulatory agencies of the country like RBI, SEBI, and various experts of the country have repeatedly warned the country about crypto. The Center has also moved towards various legal measures related to crypto to protect investors. Recently, the government announced a new bill banning the use of all private cryptocurrencies in the country.

There is no doubt that this shocking incident in Telangana will make the country's conscious community think again about the security of crypto investments.