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Ex-serviceman, engineer held in Rs 21.05 crore crypto…

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activeCrypto / Investment FraudPan India

Ex-serviceman, engineer held in Rs 21.05 crore crypto investment scam

The Madhya Pradesh Cyber Police arrested two men in connection with a massive Rs 21.05-crore cryptocurrency investment fraud. A 70-year-old chartered accountant from Gwalior was allegedly duped through a pig butchering scam between December 2025 and June 2026. The victim was contacted on WhatsApp by someone posing as an investment consultant, who lured him into investing in Bitcoin and Tether through a fake trading platform.

State

Multiple States

First reported

August 2026

Agency involved

Madhya Pradesh Cyber Police and Indian Cyber Crime Coordination Centre (I4C)

Arrests

Two suspects arrested (an ex-serviceman and a mechanical engineer)

Charges or sections cited

Bharatiya Nyaya Sanhita (BNS) and Information Technology Act, 2000

Status

Two arrested, approximately Rs 3.5 crore frozen, and investigation ongoing to trace masterminds

The full story

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

The fraudsters gained the victim's trust over months, showing fabricated profits on dashboards and paying a small return to encourage larger deposits. When the victim attempted to withdraw his funds, the perpetrators demanded exorbitant amounts for taxes and risk margins before cutting off access. Investigators discovered that the stolen funds were laundered through a vast network of hundreds of mule bank accounts spanning multiple states.

Following leads, the cyber police arrested an ex-serviceman and district panchayat member from Shajapur, who allegedly allowed his bank account to be used as a mule account for a commission. Interrogation of the first suspect led to the arrest of a mechanical engineer from Ratlam, who allegedly acted as a facilitator connecting account holders with organised fraud syndicates. Authorities froze approximately Rs 3.5 crore across multiple accounts with the help of central cyber agencies, and initiated processes to return a portion of the funds to the victim.

Not yet reported: The reports do not detail the ultimate identities or locations of the primary masterminds behind the syndicate outside of the two local facilitators who were arrested.

Where the case stands

The latest position in the reports we read.

Two suspects have been arrested by the Madhya Pradesh Cyber Police, and authorities have frozen about Rs 3.5 crore linked to the fraud. The investigation remains active to identify the masterminds of the nationwide network.

Who was affected

Described in general terms; we do not name victims.

A 70-year-old chartered accountant from Gwalior lost Rs 21.05 crore in the scam.

Timeline

Key dates as reported, oldest first.

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

December 2025 to June 2026The victim transferred a total of Rs 21.05 crore into fraudulent accounts while believing he was investing in cryptocurrency.

Recent (prior to report)Madhya Pradesh Cyber Police arrested an ex-serviceman and a mechanical engineer for allegedly facilitating the fraud and providing mule accounts.

How the scam worked

The method described in the reports.

The victim was contacted on WhatsApp by a scammer posing as an investment consultant who recommended cryptocurrency trading.
The victim was directed to create trading accounts on a fraudulent platform and was later contacted by other individuals pretending to be successful investors.
Scammers used the pig butchering method, building trust over months and showing fabricated dashboards displaying massive profits.
A small initial amount of purported profit was sent to the victim's bank account to encourage him to invest larger sums.
When the victim tried to withdraw funds, fraudsters demanded massive payments under the guise of taxes and risk margins.
Stolen money was funneled through an extensive, multi-layered network of hundreds of mule bank accounts across India to launder the proceeds.

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.

Vizag police bust nine-member gang allegedly involved in loan app fraud, seize ₹60 lakh worth cryptocurrencyCrypto / Investment Fraud · Multiple States Businessman duped of around Rs 20 crore in crypto scam; fraudsters used 76 fake bank accountsCrypto / Investment Fraud · Multiple States ED arrests key accused in Rs 500 crore Crypto scam; 2.48 lakh investors dupedCrypto / Investment Fraud · Multiple States 'Hello, This is Divya': WhatsApp message leads to Rs 21.06 crore crypto scam targeting Gwalior CACrypto / Investment Fraud · Multiple States

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.