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BTC India's seventy-year-old accountant was defrauded of more than US$220 million, and social platform dating fell into the trap of fake crypto investment.
A 70-year-old Indian chartered accountant met fraudsters on social media and was led to a fake cryptocurrency trading platform. The loss reached Rs 210.6 million (approximately US$2.2 million). Madhya Pradesh police said the case was one of the largest online investment fraud cases in the state.
The victim was Ashok Vijaiwargia, a senior accountant, who also served as chief electoral officer of the Madhya Pradesh Chamber of Commerce and Industry.
According to documents, the initial message of the fraud read: "Hello, I'm Divia." An elaborate trust scam ensued. Victims initially saw profits in cryptocurrency holdings manipulated by fraudsters, and these false gains led to a steady climb in their investment, eventually exceeding $2.2 million.
Money only comes in and out. When Vijay Vargia tried to withdraw the funds, the operators kept delaying payment under various pretexts. He eventually realized that the rewards on the screen had never been real.
The Madhya Pradesh National Cybercrime Team has opened cases against multiple anonymous suspects. Sanjiv Nayan Sharma, deputy police captain in charge of the team, said investigators were conducting technical traces of 20 bank accounts, three WhatsApp numbers and the website of the fake trading platform. The team hopes to track IP addresses and freeze relevant accounts before scammers take further action.
Similar routines are repeated in many Indian states
The cybercrime squad in Surat City, Gujarat, arrested 29-year-old software engineer Diviesh Patel. A whistleblower in an online investment fraud case lost more than 7.273 million rupees (approximately 76,000 US dollars) after being induced to trade cryptocurrencies through Telegram.
Similar to the Guvalier case, victims were directed to fraudulent trading websites and promised huge profits, and the funds then disappeared into multiple accounts. Police said 170,000 rupees (approximately US$17,700) of the victim's funds ended up in Patel's IDBI bank account. Patel allegedly rented the bank account to a fugitive associate in exchange for taking a commission of 2% of the transaction amount. Investigators revealed that the account had previously appeared in eight online fraud reports from different states, involving a total amount of 247.2 million rupees (about 2.5 million US dollars).
Surat Police filed a lawsuit against Patel under Section 66(D) of the Information Technology (Amendment) Act 2008 and various provisions of the Indian Penal Code 2023.
According to other sources, the Law Enforcement Bureau arrested Bangalore hacker Sri Krishna (also known as "Sri Kiki") in May, and his involvement in a Bitcoin theft case worth approximately 115 million rupees (approximately 1.3 million US dollars). Relevant reports pointed out that FBI records show that U.S. cryptocurrency losses in 2025 reached US$11.4 billion, an increase of 22% over the previous year.
In conjunction with the arrest, the Surat Cybercrime Team issued a warning. Police advise people to be vigilant about any unsolicited information about cryptocurrency, stock or foreign exchange transactions, and advise quitting and blocking unfamiliar Telegram or WhatsApp groups, treating small initial gains as bait.
In addition, police reminded people to immediately report suspicious fraud through the cybercrime reporting hotline and warned against sending money to strangers they met on social media or dating websites.
