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MP’s biggest online trading scam? 70-year-old CA loses Rs…

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activeCrypto / Investment FraudPan India

MP’s biggest online trading scam? 70-year-old CA loses Rs 21 crore in crypto investment fraud

A 70-year-old chartered accountant from Gwalior allegedly fell victim to a massive cyber fraud, losing over Rs 21 crore through a fake cryptocurrency trading platform over a period of seven months. The victim was initially contacted on WhatsApp by a woman who persuaded him to invest in USDT and Bitcoin on a portal that appeared genuine and displayed high returns.

State

Multiple States

First reported

July 2026

Agency involved

Madhya Pradesh State Cyber Cell

Status

Under investigation by cyber authorities

The full story

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

To build trust, the fraudsters initially allowed the victim to withdraw a small profit. Convinced by the returns, the victim invested larger amounts and even encouraged his relatives and acquaintances to join. The fraud came to light when he attempted to withdraw his total investment, and the operators demanded an additional Rs 10.34 crore for taxes, commissions, and processing fees.

Realizing he had been duped, the victim filed a formal complaint with the Madhya Pradesh State Cyber Cell. Investigators have launched a probe to trace the money trail, identify beneficiary bank accounts, and determine if an interstate or international syndicate is behind the fake platform.

Not yet reported: The articles do not mention any specific arrests made or the exact identities of the individuals operating the fake platform.

Where the case stands

The latest position in the reports we read.

The Madhya Pradesh State Cyber Cell has launched a probe to analyze bank transactions, digital communications, and trace the money trail.

Who was affected

Described in general terms; we do not name victims.

A 70-year-old chartered accountant from Gwalior, along with several of his relatives and acquaintances whom he encouraged to invest.

Timeline

Key dates as reported, oldest first.

Over a seven-month periodThe victim transferred a total of Rs 21,05,92,000 to bank accounts specified by the fraudsters.

How the scam worked

The method described in the reports.

Fraudsters contacted the victim via WhatsApp and convinced him to invest in cryptocurrency trading.
A fake trading platform was used, which displayed impressive and convincing investment returns.
An initial small profit was allowed to be withdrawn to build the victim's trust.
The victim transferred large sums of money over seven months to bank accounts specified by the operators.
When attempting to withdraw funds, the operators demanded heavy additional payments for taxes and commissions.

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.

Telangana CID Arrests Man in ₹95-Crore Fake Crypto Investment ScamCrypto / Investment Fraud · Multiple States 70-year-old chartered accountant duped of Rs 21 crore in crypto investment fraud in GwaliorCrypto / Investment Fraud · Multiple States Rs 2,500-crore crypto scam: ED arrests Subhash Sharma’s close aideCrypto / Investment Fraud · Multiple States ED arrests associate of alleged mastermind in Rs 500-crore cryptocurrency fraud, seizes Rs 72 lakhCrypto / Investment Fraud · Multiple States

Sources and further reading

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

timesofindia.indiatimes.comOriginal report The Times of IndiaOpens 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.