Crypto Investment Fraud: Ahmedabad Artist Allegedly Duped Of Rs 27 Lakh

Crypto investment scams are increasingly being reported across India, with fraudsters luring victims by promising high returns. In one such case, an Ahmedabad-based artist was allegedly cheated through a fake cryptocurrency trading platform.

The 40-year-old artist from Ghatlodia has reportedly lost nearly Rs 27 lakh in what police have described as a cyber fraud linked to crypto trading, according to an FIR filed with the city cybercrime police, following a detailed complaint lodged earlier this week. According to the complaint, the victim was first contacted by an unidentified woman through social media in December 2025. The conversation gradually moved to a messaging app, where she allegedly introduced him to cryptocurrency trading and assured him of attractive returns.

The accused then shared a Web link and asked him to register on a trading platform. The victim believed that the platform was genuine and started transferring money in multiple instalments from his bank accounts to different accounts shared by the accused.

Later, the victim was introduced to another individual, “guide”, to assist him with the trading process. The guide encouraged the victim to make further investments and kept him engaged in the scheme.

At first, the victim invested a small amount and was even allowed to withdraw a small profit to build trust in the platform. Gradually, he was persuaded to invest large sums and, over time, ended up transferring around Rs 27 lakh between January 6 and 25, 2026, after being repeatedly assured of high returns and guided by the accused.

According to a report in The Times of India police said the victim was shown fake or virtual profits on the trading platform. When he attempted to withdraw the money, he was asked to pay additional charges that ultimately raised suspicions.

The cybercrime police have registered a case of cheating, criminal conspiracy and breach of trust, and further investigation is underway.

How to stay safe from such scams

Users should remain cautious while dealing with online investment offers that promise high returns. It is important to check any investment platform carefully before putting in money, and also avoid dealing with unknown entities through unknown links or social media contacts.