Summary of this article
Ahmedabad businessman loses over Rs 2 crore in crypto fraud.
Victim transferred funds after being promised high investment returns.
Police urge caution, stressing verification before crypto investments.
With crypto-related frauds on the rise across the country, a new case has emerged in Ahmedabad where a businessman was duped of over Rs 2 crore through an online crypto investment scheme. The case came to light after the victim approached police earlier this month, following which the city’s Detection of Crime Branch (DCB) registered an FIR.
The victim, a 44-year-old businessman from Nana Chiloda who runs a garment retail outlet, was allegedly duped of Rs 2.05 crore by four individuals from Nagpur. According to reports, the accused lured him into investing in a cryptocurrency scheme which promised high monthly returns and luxury rewards like foreign trips and premium cars.
The businessmen allegedly transferred nearly Rs 2.18 crore through multiple bank accounts and courier agents in Nagpur and Surat as part of the scheme, according to a report in the Times of India. He initially received around Rs 13 lakh as returns, but the payments stopped by December that year.
Officials said the complainant was introduced to the investment company by his brother-in-law, who claimed it offered attractive monthly returns. The accused posing as representatives of the digital platform, even invited the businessman to visit one of them at their residence in Nagpur, making the scheme appear more genuine.
Reports suggest that when the victim followed up about delayed payments, the accused cited technical glitches by claiming the company’s servers were down. Communication gradually reduced, and the investor later found that his digital wallet and investment ID had been deactivated, which confirmed his doubt of fraud.
After nearly two years of repeated attempts to recover the money, the businessman approached the police earlier this month. In response to his complaint, the Ahmedabad Detection of Crime Branch (DCB) filed a formal case under the IPC's criminal conspiracy and breach of trust provisions.
How To Stay Safe
These cases demonstrate how fraudsters dupe people with fake promises of quick profits. As such, it’s important for individuals to exercise caution and verify the authenticity of investment platforms before committing funds.
