A case of cyber fraud has come to light in Nagpur, where a trader was duped of ?1.40 crore under the pretext of cryptocurrency investment. According to reports, the victim was lured through social media with promises of high returns on crypto trading. Believing the claims, he transferred large sums of money over time, only to later realize that he had been cheated.
The incident took place between July 26 and August 28, 2025. The victim, a 55-year-old businessman from Ramdaspeth, was contacted through Facebook Messenger by fraudsters posing as investment experts. They persuaded him to deposit money into different accounts, assuring huge profits in cryptocurrency. The victim, trusting the assurances, made transfers amounting to more than one crore rupees. Eventually, when no returns came and the fraudsters stopped responding, he approached the police.
Investigators have so far been unable to trace the fraudsters. The initial money transfers were made through registered and authorized payment gateways, but the funds were quickly diverted into multiple unknown accounts, making tracking difficult. Police say this is part of a larger trend where fraudsters use cryptocurrency as a cover to trap investors. An FIR has been registered under relevant sections, and efforts are on to trace the accused.
👉 Click here to read the latest Gujarat news on TheLiveAhmedabad.com