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- Zameer Attar
Zameer Attar
- Reviewed by:
Anjali BelgaumkarWriter by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
- Jul 14, 2025 09:10 UTC
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Mumbai Man Loses ₹1.93 Crore in Online Crypto Investment Scam
A retired professor from a reputed Mumbai college was recently duped in a cryptocurrency scam, losing ₹1.93 crore.
Victim was trapped into a social media romance before being defrauded.
A 62-year-old retired professor from a reputed Mumbai college was recently duped in a cryptocurrency scam, losing ₹1.93 crore. The victim was allegedly targeted through a fake online relationship on Facebook by a woman named Ayesha, who convinced him to invest in a fraudulent crypto scheme. Authorities have since registered an FIR against the cybercriminals involved in the case.
Tragic Story of a Crypto Scam Victim Losing ₹1.93 crore
According to reports, a crypto scammer, Ayesha, befriended a retired professor online on a social media platform and shared daily conversations with him to gain his trust. She informed the victim about cryptocurrency and suggested he invest in it. Later, Ayesha opened a Binance account with his credentials and asked him to deposit money in it, before stealing the funds and cutting off contact.
However, the tragedy did not end there, as another scammer named Koyal approached him, promising to recover the lost funds. But after making several payments under different circumstances and no returns, the professor finally realized that he had been defrauded.
Legal Action Against Cybercrimes
The Cyber West Division has registered a case against unknown cybercriminals under different Sections of the Information and Technology Act. To report these kinds of cybercrimes, the National Cybercrime Reporting Portal has been made accessible by the Reserve Bank of India. Under federal law in India, crypto hacking and fraud could result in 3 to 10 years of imprisonment and hefty fines.
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India’s Lack of Specific Crypto Laws
In June, the Indian government planned to release a discussion paper to establish a regulatory framework for cryptocurrency. However, the laws were never enacted, and the country still lacks specific crypto laws to address offenses related to digital assets. Despite having over 100 million crypto users in India and years of regulatory limbo, India remains in a grey area in cryptocurrency.
Final Thought
In recent months, India established tax policies, reporting requirements, and anti-money laundering (AML) regulations, but laws against crypto scams are still missing in the regulatory framework. Industry investors are expecting that the government will soon release the discussion paper, addressing the offenses among other necessary crypto regulations.
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FAQs
To protect your crypto, always verify platforms, use reputable exchanges, enable two-factor authentication (2FA), and be skeptical of “too good to be true” returns or unsolicited offers. Store large amounts in secure hardware wallets, never share private keys, and be wary of phishing links.
Common red flags include promises of guaranteed high returns, pressure tactics to invest quickly, anonymous or unknown project teams, poorly written whitepapers, and demands for crypto payments for services or unexpected fees. Check for inconsistent website details, grammar errors, and lack of customer support numbers.
Scammers use various tactics, including creating fake websites or apps, “pig butchering” romance scams that build trust over time, pump-and-dump schemes, and impersonating legitimate companies or government agencies. AI is increasingly used to make these scams more sophisticated and convincing.
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