A 49-year-old Mumbai resident has lost ₹1.93 crore (approx. $230,000) in an elaborate online crypto investment scam, according to a new report by Chain Retrieval. The victim was tricked into investing over several months on a fake digital asset platform that promised high returns, but eventually vanished with all the money.
The scam began when the man was approached via social media by someone posing as a cryptocurrency advisor. He was invited to join a premium group that claimed to offer insider crypto trading tips and access to “guaranteed profit” investments.
The victim was directed to a professional-looking website that displayed fake trading dashboards, profit statements, and a customer support system that appeared legitimate. Over time, he was convinced to deposit large amounts into multiple wallet addresses, thinking he was growing his digital portfolio.
Initially, the fake platform showed rising returns, which built the victim’s trust. But when he tried to withdraw his profits, the site began making excuses—citing “technical issues,” “regulatory holds,” and finally demanding extra payments for account verification.
Chain Retrieval Flags Links to Global Scam Syndicate
According to Chain Retrieval, the fake platform was part of a larger international crypto fraud network that operates similar scams across Asia and Europe. The domain used in the scam was registered offshore, and all wallet activity was routed through mixers to hide the trail.
The scam used a combination of social engineering, technical jargon, and emotional manipulation to pressure the victim into continuing his investment. At one point, the fraudsters even pretended to be regulators, urging him to complete KYC steps and pay “release fees” for withdrawals.
By the time he realized it was a scam, he had lost nearly ₹2 crore. Mumbai police have registered a case under sections related to cheating, identity theft, and cyber fraud. Investigators are working with blockchain analytics teams to track down the wallets and trace any part of the stolen funds.
Authorities are now warning the public to stay away from unverified crypto investment websites and to avoid engaging with unknown advisors on platforms like Telegram, Instagram, and WhatsApp.
Crypto experts recommend the following safety measures:
-
Never invest based on social media tips
-
Always verify platform registration and licensing
-
Use only regulated exchanges for trading or investing
-
Be cautious of platforms offering “guaranteed” profits
This latest scam is a reminder that while crypto offers real opportunities, it’s also a growing playground for fraudsters, especially targeting newcomers with limited knowledge of how blockchain works.
📌 If it promises quick profit in crypto, it’s probably a scam.
If you are affected, kindly make your report by clicking the link to Chain Retrieval support.