Ratan Tata denies crypto links: 'Absolutely untrue, scam'

Ratan Tata dispelled rumours of his investment in cryptocurrency.

The proliferation of fake news and fraudulent schemes surrounding cryptocurrencies found a new target in business magnate Ratan Tata. The chairman emeritus of the Tata Group took to Twitter and Instagram to bunk the misinformation circulating about his cryptocurrency investments.

In a firm statement, he asserted, "This is an extremely important announcement. If you see any articles or ads mentioning my association with cryptocurrency, they are absolutely untrue and meant to scam citizens."

Tata went on to expose 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 cryptocurrency of any form."

He also mentioned organisations in his post that had reported on this wrongly.

I request netizens to please stay aware. I have no associations with cryptocurrency of any form. pic.twitter.com/LpVIHVrOjy

— Ratan N. Tata (@RNTata2000) June 27, 2023

Anand Mahindra, the chairman of the Mahindra Group, 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.

In a tweet dated November 19, 2021, he stated, "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."

Mahindra further highlighted the irony of the situation by affirming, "Ironically, I've not invested a single rupee in cryptos."