Senior Indian citizens lose funds to bogus crypto investments as police investigate two major fraud complaints.
The victims lost over Rs. 3.2 crore after investing in fake crypto and stock trading platforms. Authorities said the scams targeted elderly individuals with limited knowledge of digital assets.
Indian police confirmed that the victims were persuaded by online criminals promising high and stable investment returns. The suspects used messaging apps and fake dashboards to create a sense of legitimacy. Investigators said both cases followed a similar pattern of manipulation and pressure.
Elderly victims targeted through messaging platforms
Police said the first victim was added to a Telegram group named AP Helping Hand India. An administrator introduced himself as Aman Kumar and claimed to trade stocks professionally. He promised high profits through cryptocurrency arbitrage strategies.
The victim paid an initial registration fee of Rs. 8500 in September 2025. He was then instructed to download a crypto wallet through a provided link. The scammers also requested personal and banking details before allowing investments.
After gaining access, the criminals controlled the wallet and claimed it was necessary to maximize profits. Another fraudster posed as Ajit Doval and claimed to manage profit distributions. The victim was shown a fake dashboard displaying a balance of Rs. 4.55 crore.
Fake profits are used to extract more funds
Police said the inflated balance was designed to encourage larger deposits. Between September and December, the victim transferred over Rs. 2.58 crore. Payments were labeled as investments, taxes, and transaction charges.
Withdrawal attempts failed despite additional payments. The scammers demanded another Rs. 80 lakh to process withdrawals. At that point, the victim realized the deception and contacted cybercrime authorities.
Police registered a case under relevant sections of the Bharatiya Nyaya Sanhita. Charges also include Sections 66C and 66D of the Information Technology Act. Investigators are tracing digital wallets and communication records.
Retired bank manager loses life savings
In the second case, a 69-year-old retired bank manager was contacted on WhatsApp. The caller claimed to be a United States-based stockbroker. The victim was directed to register on a fake trading portal.
He initially invested Rs. 13.56 lakh after seeing false profit statements. Further payments were requested to unlock higher returns. The total loss eventually reached Rs. 63.15 lakh.
After exhausting his savings, the victim reported the matter to the police. Authorities said the fraud followed the same structure of fake platforms and repeated payment demands.
Police warned that scammers are increasingly targeting elderly citizens. Investigations are ongoing, and officials urged caution when approached with unsolicited investment offers.
