Summary of this article
Gwalior CA allegedly loses Rs 21 crore in fake crypto investment scheme over six months.
Fraudsters allegedly used fake platforms, profits and promises to convince victim investing heavily.
Case highlights crypto scam risks and importance of verifying online investment opportunities carefully.
As cryptocurrencies continue to attract attention among investors, cases of fake trading platforms and fraudulent schemes promising high returns are also growing. A recent case from Madhya Pradesh where a 70-year-old chartered accountant lost more than Rs 21 crore has again brought to light on risks linked to fraud crypto investment schemes.
The victim, a resident of Gwalior, was approached through WhatsApp in the last week of December 2025 by a woman who claimed to be an investment advisor. The fraudsters first showed returns on small investments to gain his trust before introducing a fake online investment portal that displayed false profits.
How The Alleged Crypto Investment Scam Happened
According to a report in PTI, the complainant, believing the returns displayed on the fake platform to be genuine, invested more than Rs 21 crore over six months through 100 transactions carried out from his four bank accounts during this period.
When the complainant attempted to withdraw his funds, the fraudsters allegedly started giving excuses and later demanded several crore rupees more, claiming that additional payments were required to release the money.
After realising he had been cheated, the victim approached the cybercrime branch, following which an investigation was launched. Police have managed to freeze around Rs 1.75 crore so far and are tracing the bank accounts where the funds were transferred.
How Online Scams Work
The case has again highlighted how online investment scams work by establishing confidence over time instead of making immediate demands. The fake schemes generally use fake screenshots of profits to support their scams and encourage people to invest more money over time. This also shows why people need to exercise utmost caution while searching for investment opportunities online that promise quick and huge returns.
How to Protect Yourself
Before investing your funds, it is important to ensure the authenticity of the platform and the person giving you investment tips. Always avoid taking investment decisions on the basis of WhatsApp messages, social media updates and suggestions from untraceable sources. Be wary of schemes offering guaranteed returns.
