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70-year-old chartered accountant duped of Rs 21 crore in…

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activeCrypto / Investment FraudPan India

70-year-old chartered accountant duped of Rs 21 crore in crypto investment fraud in Gwalior

A 70-year-old chartered accountant from Gwalior allegedly fell victim to a cyber fraud involving cryptocurrency investments, losing over 21 crore rupees across six months. The fraud began in December 2025 when the victim was contacted on WhatsApp by someone posing as an investment consultant, who persuaded him to trade in assets like USDT and Bitcoin.

State

Multiple States

First reported

July 2026

Agency involved

Madhya Pradesh State Cyber Police (Gwalior zonal unit) and Indian Cyber Crime Coordination Centre (I4C)

Charges or sections cited

Bharatiya Nyaya Sanhita and Information Technology Act, 2008

Status

Under investigation; Rs 2 crore has been frozen by authorities.

The full story

Everything you need to know about this case, in one place.

The perpetrators gained the victim's trust by showing false profits and even crediting a small amount to his bank account. Encouraged by this, the victim continued transferring large sums into a platform alleged to be fake. When he attempted to withdraw his funds, the operators demanded heavy payments under the guise of taxes and risk margins.

After consulting acquaintances and realizing he had been deceived, the victim filed a complaint with the Madhya Pradesh State Cyber Police zonal unit in Gwalior. Authorities registered a case under relevant legal provisions and managed to freeze a portion of the defrauded funds with the assistance of central cyber coordination agencies.

Not yet reported: The articles do not mention any arrests made in connection with the case.

Where the case stands

The latest position in the reports we read.

Investigations are ongoing, and law enforcement has managed to freeze Rs 2 crore of the invested funds with the help of central cyber authorities.

Who was affected

Described in general terms; we do not name victims.

A 70-year-old chartered accountant based in Gwalior.

Timeline

Key dates as reported, oldest first.

December 2025The victim was contacted on WhatsApp by a scammer posing as an investment consultant.

Over six monthsThe victim invested a total of Rs 21.05 crore into what was allegedly a fake trading platform.

TuesdayA cyber police official stated that authorities successfully put on hold Rs 2 crore of the invested money.

How the scam worked

The method described in the reports.

Fraudsters contacted the victim via WhatsApp posing as an investment consultant to pitch cryptocurrency trading.
The victim was sent a link to create an account on an online trading platform.
The scammers built trust by falsely claiming massive profits and crediting a small initial profit amount directly to the victim's bank account.
When the victim tried to withdraw funds, operators demanded additional money under the pretext of taxes and risk margin fees.
The stolen funds were rotated through multiple layers of mule accounts, with a significant portion located in southern India.

Targeted by something similar?

Call 1930 (free, 24x7) straight away, then file at cybercrime.gov.in. Money reported in the first hours is far easier to freeze.

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Keep reading

More cases like this one.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

newindianexpress.comOriginal report The New Indian ExpressOpens via Google News

Prepared by Report Scams, with the help of AI, from the published reports listed above. Check those reports for the latest. Cases here describe allegations. An FIR, arrest or charge is not a finding of guilt. To report a mistake, or to ask for a correction or removal, write to our Grievance Officer. See also the Safe Posting policy.