Mumbai Man Loses ₹1.93 Crore to Crypto Scam

An online crypto investment scheme has resulted in a 62-year-old Mumbai resident losing ₹1.93 crore. The scam involved an online relationship initiated on Facebook.

The event highlights the vulnerabilities in personal digital interactions and the rising trend of crypto-related scams. Market reactions remain muted as the loss impacts only the victim.

A 62-year-old retired professor from Mumbai was allegedly duped through an online relationship with a person named “Ayesha” on Facebook. He was guided into cryptocurrency investments and subsequently defrauded. Ayesha disappeared with the cryptocurrencies worth ₹1.93 crore.

Koyal and Prashant Patil, who later contacted the victim, promised recovery of his funds in exchange for additional payments. No formal charges against the exchanges or cryptocurrencies involved have emerged yet, according to reports.

The incident underscores a rising trend of romance-based social engineering scams. As noted by industry observers, “These scams target retirees or less technically savvy users via platforms such as Facebook, WhatsApp, and Telegram.” These scams target individuals through social media platforms, pressuring them to invest in cryptocurrencies under false pretenses.

Financial implications from the scam include the significant loss to the individual. The broader cryptocurrency market remains unaffected at this time, with no reported disruptions to major assets or exchanges.

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Police emphasize the importance of caution with digital and financial information, highlighting the scam’s reliance on personal data like Aadhaar credentials to execute the crime.

Regulatory efforts may focus on enhancing user awareness and protection against such schemes. Analysts suggest reviewing information flow and user identification practices on digital platforms, particularly related to cryptocurrencies.

The West Region Cyber Police have registered a case under relevant sections of the Information Technology Act and the Bharatiya Nyaya Sanhita… An investigation is underway to trace the accused.

Disclaimer: The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions.