The rapid growth of cryptocurrency as a financial asset class has led to both unprecedented wealth generation and equally sophisticated scams. In yet another alarming instance, a 65-year-old retired professor from Mumbai has fallen victim to a well-orchestrated cryptocurrency investment scam, losing a staggering ₹1.93 crore. The incident underscores the pressing need for awareness, cyber vigilance, and systemic safeguards in India’s evolving digital finance landscape.
The Beginning of a Digital Trap
In August 2023, a seemingly innocuous Facebook friend request set the wheels in motion for one of Mumbai’s most severe individual crypto fraud cases. The retired professor, formerly associated with a reputed college in Bandra and living a peaceful post-retirement life, received the request from a woman named Ayesha. Claiming to be a resident of Gurugram and an employee of a global art firm, Ayesha engaged the professor in conversations about wealth-building through cryptocurrency.
Ayesha appeared articulate, informed, and trustworthy. She began sharing screenshots and case studies of individuals who had supposedly multiplied their investments exponentially through Bitcoin and other cryptocurrencies. Her persuasive pitch was laced with technical jargon, authentic-looking price charts, and testimonials, which further built the professor’s trust.
The Setup: Account Creation and Initial Transfers
Once the professor expressed interest, Ayesha guided him step-by-step to open a cryptocurrency investment account. She insisted on using his Aadhaar card and email address, ensuring the professor believed the platform was legitimate. After creating the account, she encouraged him to begin transferring small amounts of money to designated bank accounts, allegedly for purchasing various digital coins.
The professor, unfamiliar with the complexities of cryptocurrency platforms and unaware of the red flags, complied. Over the next few months, he made multiple transfers to a range of bank accounts. Each transaction was framed as a move towards building a robust investment portfolio that would soon yield substantial returns.
Escalation and Additional Frauds
Initially, the professor believed he was seeing growth in his account. Fake dashboards, doctored screenshots, and false promises convinced him that his investments were indeed growing. Encouraged by the illusion of profits and reassured by Ayesha’s frequent communication, he continued investing larger sums.
The turning point came when Ayesha suddenly disappeared. Her once-frequent messages stopped, and she became unresponsive. Confused and anxious, the professor attempted to contact her repeatedly. Just as he began suspecting something was wrong, a man named Prashant Patil contacted him.
Patil claimed to be another cryptocurrency expert and assured the professor that he had been monitoring his account. He urged him to make a final investment of ₹42,735, guaranteeing a return of ₹7.23 lakh. Desperate to recover his earlier investments and avoid losses, the professor made the payment. But this too proved to be a trap—Patil stopped answering calls immediately after receiving the money.
Discovery and Legal Action
It was only after weeks of no response from either Ayesha or Patil that the professor realized he had been duped. He approached the west zone cyber police station in Mumbai, who registered a First Information Report (FIR) and launched a probe into the matter.
The FIR includes charges under sections of the Indian Penal Code related to cheating, identity fraud, and criminal breach of trust. The case has now been handed over to cybercrime specialists, who are tracking digital footprints, bank account trails, and IP addresses in an attempt to trace the culprits.
Pattern of Cyber Frauds via Social Media
This case is not an isolated incident. Cybercrime in India has surged dramatically, especially in areas involving financial deception. Social media platforms like Facebook, Instagram, and WhatsApp have increasingly become hunting grounds for fraudsters.
According to the National Crime Records Bureau (NCRB), cyber frauds accounted for over 60% of all cybercrime cases registered in 2024. Of these, investment scams formed a significant chunk, with elderly citizens and retired individuals being the most frequent victims.
Common Tactics Used:
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Fake Profiles: Fraudsters create attractive profiles with professional backgrounds.
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Trust Building: Initial interactions focus on gaining the victim’s trust.
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Fake Dashboards: Use of cloned websites and dashboards to show fictitious profits.
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Urgency Triggers: Pressure tactics that force victims into making hasty decisions.
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Multiple Agents: Involvement of multiple fraudsters to simulate an organization.
The Psychological Playbook
Such scams often rely less on technical hacking and more on psychological manipulation. The professor, like many victims, was targeted because of his perceived lack of familiarity with modern digital finance. The scammers built a narrative that preyed on his desire for stable, post-retirement income.
By displaying emotional intelligence, persistent engagement, and strategic communication, the scammers created an illusion of legitimacy that was difficult to pierce until it was too late.
A Broader National Concern
India is currently experiencing an unprecedented boom in cryptocurrency interest. However, regulatory gaps and low digital literacy continue to make the ecosystem ripe for exploitation. While the Reserve Bank of India (RBI) has issued several advisories warning citizens about unregulated digital assets, enforcement often lags behind the speed of innovation and fraud.
Regulatory Challenges:
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Lack of Investor Education: Most citizens do not understand the risk profile of crypto assets.
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Absence of Legal Framework: No robust national law governs cryptocurrency trading.
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Cross-Border Crime: Most scam networks operate internationally, complicating investigation.
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Technology Outpacing Policy: Fraudsters are often several steps ahead of enforcement agencies.
Role of Cybercrime Cells
India’s cybercrime units, including the one that registered this professor’s complaint, play a critical role in fighting such digital frauds. The Ministry of Home Affairs has also launched a national portal, cybercrime.gov.in, to streamline complaint filing and facilitate faster investigation.
However, authorities often cite resource constraints and the anonymous, borderless nature of the internet as major hurdles. While cases like this professor’s are tragic, they also serve as case studies to inform better policy and public education efforts.
Precautionary Measures for Citizens
To avoid falling victim to similar scams, citizens must:
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Verify Credentials: Always double-check the legitimacy of any investment advisor.
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Use Reputable Platforms: Invest only through registered, government-recognized platforms.
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Consult Experts: Speak to licensed financial advisors before investing.
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Avoid Urgency: No legitimate opportunity demands immediate action.
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Report Suspicious Activity: Use official portals like cybercrime.gov.in to report fraud.
Conclusion: A Wake-Up Call
The professor’s story is both heartbreaking and instructive. It reveals the layered sophistication of cryptocurrency scams and highlights the urgent need for nationwide digital literacy campaigns. As India embraces digital finance, the systems protecting investors must evolve in tandem.
This case is a reminder that while the future of money may be digital, trust must always be earned, not assumed. The retirement years, meant to be peaceful and secure, should not be haunted by financial trauma inflicted by criminals hiding behind screens.
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