Indian Man Falls Victim to Fake Crypto Investment Scam, Loses ₹71.6 Lakh
An Indian man from Mumbra, Maharashtra, lost ₹71.6 lakh (approximately $85,700) in a fake cryptocurrency investment scam. The 42-year-old insurance consultant was approached by six individuals in August 2025 who posed as representatives of a crypto trading platform and promised high returns. Over seven months, from August 2025 to March 2026, the victim transferred funds via cash and online transactions. The accused misappropriated the entire amount, and no arrests have been made yet.
This case highlights the growing issue of cyber fraud in India. The National Cyber Crime Reporting Portal received over 24 lakh complaints in 2025 alone, with reported losses exceeding ₹22,495 crore. A recent report from Gujarat National Law University emphasized the urgent need for clear cryptocurrency regulations and stronger investor protection measures to prevent such scams.
TheNewsCrypto03/18 12:21
