Ratan Tata dismisses claims of crypto investment, urges netizens to stay alert of scams

Ratan Tata, the Chairman Emeritus of Tata Group, has cleared the record with his stance on cryptocurrency. The chairman emeritus of the Tata Group clarified that he had no affiliation with cryptocurrencies as reports surfaced of his investments into them.

He recently took to Twitter to debunk misinformation circulating about his cryptocurrency investments. Tata said, "I request netizens to please stay aware. I have no associations with cryptocurrency of any form."

Tata refutes baseless claims!

Along with his tweet, Tata also shared a screenshot of a news article that falsely claimed his involvement in cryptocurrency investments. The title of the article read, "Analysis: Ratan Tata's recent investment has experts in disbelief and major banks concerned."

Tata has urged netizens to stay vigilant of such schemes as they are aimed at conning consumers into investing in crypto scams. Cryptocurrency has been at the centre of a heated debate as several fraudsters are conning people into investing in fake cryptocurrency.

Moreover, several influencers and celebrities have also conned their fans to invest in cryptocurrencies that often tend to fail. While lack of regulation has been a driving factor for growth of cryptocurrency, it has also become a major hurdle for the general public, who have no means of protection against fraudsters.

First Anand Mahindra, Now Ratan Tata

While Tata claimed to have no investment in crypto currency, Abra, a Silicon Valley-based Bitcoin startup in 2015 revealed that it had raised $12 million in a Series-A funding round from the business mogul. It is worth noting that Tata's investment amount in Abra is still undisclosed.

However, the Chairman Emeritus of the Tata Group isn't the only reputed Indian businessman to refute claims of investments in cryptocurrencies. Back in 2021, Anand Mahindra, the chairman of the Mahindra Group, also refuted a fake news report that stated he made substantial investments in cryptocurrencies.

Mahindra noted in a tweet, "This would be highly amusing if it wasn't so unethical and, in fact, dangerous. Someone saw this online and alerted me. I need to make people aware that this is completely fabricated and fraudulent. Ironically, I've not invested a single rupee in cryptos."

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