- An Ahmedabad businessman lost Rs 1.92 crore through a sophisticated social media-based cryptocurrency investment scam.
- The scammer used a fake profile posing as a business owner from Dubai and Mumbai to establish trust.
- Initial small investment of $500 yielded quick returns, encouraging larger investments.
- The fraudulent platform showed fake profits reaching Rs 6 crore to build victim’s confidence.
- The scammer disappeared after requesting a 20% tax payment for withdrawal attempts.
A 48-year-old businessman from Ahmedabad fell victim to a sophisticated cryptocurrency investment scam, losing Rs 1.92 crore after being lured through a Facebook connection. The incident, reported to Cybercrime Police on Friday, demonstrates the evolving tactics of social media-based financial fraud targeting cryptocurrency investors.
The scam began in August 2024 when the victim received what appeared to be an innocent Facebook friend request. The perpetrator, posing as a woman entrepreneur with business interests in Dubai and Mumbai, initiated contact with a seemingly casual message: “Hey, your profile caught my eye while checking my friends’ suggestions and thought I would reach out. Can we get to know each other?”
The conversation shifted to WhatsApp, where the scammer introduced an investment opportunity allegedly backed by a high-ranking executive at an American financial firm. The victim conducted preliminary due diligence, verifying the legitimate company’s existence, unaware that fraudsters often misappropriate reputable corporate identities.
Following the common “confidence scam” playbook, the perpetrators allowed an initial $500 investment to yield $250 in profits. This trust-building tactic, known in Cybersecurity circles as “harvesting,” encouraged the victim to make progressively larger investments. The fraudulent platform displayed an artificial balance of approximately Rs 6 crore to maintain the illusion of success.
The scheme unraveled when the victim attempted to withdraw Rs 77 lakh and was instructed to pay a 20% tax upfront. After the scammer became unreachable, subsequent investigation revealed the fraudulent nature of the investment platform. Of the total Rs 1.92 crore invested, only Rs 92,000 was recovered.
The Cybercrime Police have registered a case involving criminal conspiracy, cheating, criminal breach of trust, and impersonation against unidentified perpetrators. This incident joins a growing list of cryptocurrency-related fraud cases in India, highlighting the need for enhanced digital literacy and investment verification protocols.
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