Gwalior CA Loses Over Rs 21 Crore in Major Crypto Investment Scam

A 70-year-old chartered accountant from Gwalior has reportedly fallen victim to cyber fraud. Over seven months, cybercriminals allegedly lured him into investing in a fake cryptocurrency trading platform, leading to losses exceeding Rs 21 crore.

Even so, the victim approached the state cyber cell after realizing the portal was fraudulent, prompting authorities to launch an extensive investigation.

Fraud Scheme and Initial Trust

According to the complaint filed by Ashok Vijayvargiya, the scam began when a woman contacted him on WhatsApp. She persuaded him to invest in USDT and Bitcoin through a platform that appeared legitimate and displayed strong returns.

To establish credibility, the portal allowed an initial withdrawal of Rs 1.88 lakh. Convinced of its authenticity, Vijayvargiya invested larger sums and encouraged relatives and acquaintances to participate.

Meanwhile, the platform continued to display fabricated profits, luring him into transferring increasingly higher amounts over the course of seven months. On one hand, the consistent small profits created confidence, while on the other hand, the platform was gradually consolidating control over the victim’s funds.

Collapse of the Scheme

The fraud began to unravel when Vijayvargiya attempted to withdraw his full investment. Instead of releasing the funds, the operators demanded an additional Rs 10.34 crore for taxes, commissions, and processing fees.

Notably, these demands highlighted the scheme’s deceptive structure. Realizing the payments were part of the scam, the victim ceased transfers and approached the Madhya Pradesh State Cyber Cell. Investigators confirmed he had transferred a total of RS 21,05,92,000 during this period.

Ongoing Investigation and Wider Implications

According to the authorities, the investigation includes analyzing bank transactions, digital communications, and the fake trading portal. Officials are also assessing whether the fraud is linked to a larger interstate or international syndicate.

Meanwhile, the case has raised awareness about the risks associated with unverified cryptocurrency platforms, particularly among elderly and high-net-worth individuals.

Related: INTERPOL-Led Global Fraud Crackdown Nets 5,800 Arrests