Amid reports of his cryptocurrency investments, the industrial veteran and former daddy The group's chairman, Ratan Tata, said on Tuesday that he has no associations with cryptocurrency in any form. He took to the social media platform Twitter to issue an official statement on the investment claims. "I ask netizens to stay tuned. I have no association with cryptocurrencies in any way," he noted in his tweet. The publication further noted that any article or advertisement stating its association with cryptocurrency is absolutely โfalse and intended to defraud citizens.โ
Sharing a screenshot of an article that said his "recent investment had experts in disbelief and major banks concerned" as an example, he wrote: "If you see any article or advertisement that mentions my association with cryptocurrency, it is absolutely false and is intended to defraud the citizens."
Well, this isn't the first time a tycoon has been linked to a scam. In 2021, Mahindra Group Chairman Anand Mahindra also denied investing in cryptocurrency, doubling down on reports that he had. Following those reports, Mahindra came out with a clarification similar to Tata's. Mahindra highlighted in the statement that he had not invested a single rupee in cryptocurrency, calling those reports "completely fabricated and fraudulent."
As an asset class, cryptocurrency has left investors divided in India. Cryptocurrency as a means of payment in India is not regulated by any central authority. In India, cryptocurrencies are classified as virtual digital assets and are subject to tax.
Last year, billionaire finance guru Warren Buffett He said that cryptocurrencies are not a productive asset and said that he would not buy the entirety of bitcoin even for 25 US dollars.
Online scams, especially those related to cryptocurrency, are increasing with the advancement of technology.
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Updated: Jun 28, 2023 10:16am IST
