Crypto exchanges crashing only expose scams being pulled off by founders behind the scene have dented the credibility of the virtual asset as an investment vehicle. As the former boss at Tata, which is one of the most synonymous brands in India, Ratan Tata is considered an authority on investment as he now funds innovative startups.
This is why the corporate bigwig was quick to deny reports about his investments in crypto, which he termed as fake news aimed at scamming people.
Flags false reports meant to fool investors
Tata posted a story on Instagram and tweeted a clarification with screenshots of news reports on his link to cryptocurrencies, carried by media organisations.
He wrote that any article or ad about his association with the virtual currency, is untrue.
Tata's battle to protect credibility
This isn't the first time that Tata's name has been associated with digital assets.
In 2022, the Delhi High Court had restrained a cryptocurrency Tata Coin from using the conglomerate's name after the Tata Group's plea against misuse of its credibility among the public.
The court had observed that it was highly unlikely that creators of Tata Coin weren't aware of the brand, and concluded that the name was meant to trick investors.