Crypto Investment Scams on the Rise: Retired Professor Loses ₹1.93 Crore to Fake Trading Platforms
The promise of quick returns from cryptocurrency is luring investors into a dangerous trap — one that’s increasingly being exploited by cyber fraudsters. In a shocking case from Mumbai, a 62-year-old retired professor lost ₹1.93 crore to a sophisticated crypto scam involving fake trading websites and fraudulent investment advisors.
As the popularity of digital currencies surges, so do the risks. Fake crypto exchanges, phishing links, Ponzi schemes, and deceptive marketing tactics are now among the most common weapons in the arsenal of cybercriminals.
The Dark Side of Digital Gold
Cryptocurrency may be hailed as the future of finance, but its unregulated and complex nature makes it a fertile ground for scams. In the Mumbai case, the victim — a former professor — was targeted not once, but twice, by separate scam networks posing as investment advisors.
The ordeal began when the professor connected with a woman named Ayesha via Facebook. She slowly gained his trust and convinced him to invest in Bitcoin. Claiming to be an expert, she instructed him to create an account on Binance, a well-known global crypto exchange, and share personal identification documents like his Aadhaar card and email credentials.
What followed was a series of payments made to various bank accounts. Once the money was transferred, Ayesha cut off all contact, leaving the professor stranded. Later, another woman named Koyal approached him, promising to help recover the lost money — but instead scammed him out of more funds.
How Fake Crypto Exchanges Operate
Scammers typically use online advertisements, social media messages, and cold calls to lure victims into what appears to be a legitimate crypto trading opportunity. They direct investors to fraudulent websites that look identical to real crypto trading platforms.
These fake sites display:
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A professional-looking dashboard
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Real-time price charts
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Fake transaction logs and balance updates
However, it’s all an illusion. Once the victim deposits money, they are shown artificial profits to build trust. When they try to withdraw funds, the platform either blocks access or demands extra payments under the guise of tax clearance or withdrawal charges. Ultimately, victims lose access to their money entirely.
Crypto Scams: A Growing Cyber Threat
This isn’t an isolated incident. Across India, hundreds of cases are emerging where innocent investors are falling prey to fraudulent crypto schemes. With little understanding of how cryptocurrency works and no regulatory oversight, many people get trapped by the allure of high returns.
What makes these scams even more dangerous is their evolving nature — fake websites are becoming more convincing, and scammers are leveraging AI-generated identities, deepfakes, and social engineering to manipulate their victims.
How to Protect Yourself from Crypto Fraud
Here are some essential tips to avoid becoming a victim:
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Never trust investment advice from strangers on social media.
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Verify websites before transferring any funds. Use official exchange apps or websites only.
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Be cautious if asked to share personal details like Aadhaar or PAN.
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Avoid platforms promising guaranteed or unusually high returns.
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Double-check any URL, especially for payment or login pages.
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Don’t fall for emotional manipulation or urgency tactics.
What to Do If You’ve Been Scammed
If you or someone you know becomes a victim of cyber fraud, act quickly:
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Call the National Cyber Crime Helpline at 1930
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Visit cybercrime.gov.in to file an official complaint
Early reporting increases the chances of tracking the funds and catching the culprits. Authorities have also been able to recover partial or full amounts in some cases if reported in time.
Final Thoughts
Cryptocurrency can offer promising investment opportunities, but only when approached with caution, education, and verified platforms. As digital finance grows, so does the responsibility to stay informed and alert.
The Mumbai professor's heartbreaking loss of nearly ₹2 crore serves as a serious warning to investors across India: Don’t let the greed for quick profits blind you to the risks of the digital world.
