An Indian trader has lost over $52,000 after falling victim to a fraudulent crypto investment scheme.
The 54-year-old, who trades in building materials in Sola, reported the scam to the city’s cybercrime police after realizing his funds were stolen.
The trader claimed that the scammers lured him with promises of high returns through a digital asset program. He later discovered that the website he invested in was fake and the crypto scheme did not exist. Experts say such scams are rising in India due to weak crypto regulations and widespread public unfamiliarity with digital investments.
According to the trader’s complaint, the scammers approached him through Facebook. A woman using the profile Aradhya Thakur sent a friend request on April 6. After he accepted, their conversation moved to WhatsApp, where the woman claimed to work for a company involved in dollar-based investments.
The trader said the website she shared closely resembled the legitimate crypto platform CoinEx. She promised him returns of 10 percent on his investments and assisted him in opening an account. The trader initially received Rs 9,900 as a profit, which he later recognized as a tactic to gain his trust and encourage larger deposits.
Between April 24 and May 8, the trader transferred a total of Rs 31 lakh in multiple transactions to accounts provided by the woman and her associates. His profile on the fake website displayed the balance he expected, further convincing him that the platform was genuine.
Withdrawal issues reveal the scam
Problems emerged when the trader attempted to withdraw his funds. The scammers demanded additional investments before allowing withdrawals. After multiple unsuccessful attempts, he investigated online and discovered he had used a cloned version of CoinEx. A warning message on the site indicated it was not the official platform.
The trader contacted the cybercrime helpline and filed an official complaint with supporting bank statements and transaction records. Investigations by Indian police are ongoing to trace the scammers and operators behind the fraudulent website.
Legal action and regulatory concerns
Police registered the case under criminal conspiracy, cheating, and breach of trust, along with charges under the Information Technology Act against unknown individuals. Authorities are working to identify and apprehend the suspects.
The case has sparked calls across India for stronger crypto regulations and protective frameworks. Experts urge measures to safeguard investors and prevent criminals from exploiting gaps in the digital asset industry.
The incident highlights the ongoing risks associated with online crypto investments and the need for public awareness and regulatory oversight.
