A shocking cryptocurrency fraud case from Gujarat has exposed how online scammers use psychology, fake platforms, and digital trust to drain victims of massive sums. A 52-year-old businessman from Amreli district lost nearly ₹93 lakh after cybercriminals lured him into a fake crypto investment scheme through WhatsApp. The case highlights the growing danger of social engineering scams that disguise themselves as legitimate financial opportunities.
This article explains how the scam unfolded step by step, why the victim trusted the fraudsters, and what lessons investors must learn to avoid similar traps.
The First Contact: A “Wrong Message” That Was Not Wrong
The scam began with what looked like an innocent mistake. The businessman received a WhatsApp message from an unknown number claiming the sender had contacted the wrong person. Instead of ending the conversation, the sender continued chatting politely and gradually built familiarity.
The scammer introduced herself as “Neha Sharma” and spoke casually about daily life and financial success. She avoided any immediate talk about money. This strategy worked because it lowered the victim’s guard. The conversation soon shifted toward cryptocurrency and online trading, presented as a safe and profitable side income.
Scammers often use this approach because people respond better to friendly conversations than to direct investment pitches. The victim believed he had made a genuine online acquaintance rather than encountering a criminal network.
The Bait: A Fake Crypto Exchange With Real-Looking Profits
After days of communication, the woman suggested that the businessman invest through an online trading platform called “Kanakdham Exchange.” She described it as a professional crypto exchange that offered guaranteed profits through expert trading strategies.
She guided him step by step to open an account on the platform. The website looked polished and professional. It displayed charts, balances, and profit figures that appeared legitimate. The victim deposited ₹51,000 as a trial investment.
Within a short time, the platform showed profits of over ₹7 lakh. These numbers convinced him that the system worked. In reality, the scammers controlled the website and manipulated the figures to create fake gains.
This stage formed the psychological turning point. Once the victim saw large returns, he trusted the platform completely.
Escalation: From Small Deposit to Massive Transfers
Encouraged by the apparent profits, the businessman invested more money. The scammers constantly reassured him and promised higher returns for larger deposits. They used emotional pressure and financial logic to push him forward.
Over the next few months, he transferred money repeatedly into different bank accounts linked to the scam operation. To fund these investments, he took loans and diverted money from his business operations.
Between October 2025 and January 2026, he transferred around ₹92.75 lakh in total. Each time he deposited money, the platform displayed rising profits. The fake dashboard made it look as if his wealth multiplied rapidly.
At this stage, the scam relied on two forces: greed and fear. The scammers created excitement about profits and fear of missing out on bigger opportunities.
The Trap Closes: Withdrawal Requests Trigger Silence
The moment the businessman tried to withdraw his funds, the story changed. The platform demanded additional “fees” and “tax payments” before releasing his money. When he paid those charges, the excuses continued.
Soon, the woman who had guided him stopped responding. The platform blocked his account access. He realized that the profits never existed and that the scammers had taken his money permanently.
The emotional impact hit him immediately. He faced business losses, loan liabilities, and personal stress. He approached the cybercrime police in Amreli and filed a formal complaint.
Police Investigation and Legal Action
The cybercrime unit registered a case under cheating and information technology laws. Investigators traced multiple bank accounts that received the transferred funds. They also began tracking phone numbers and IP addresses used by the scammers.
Police officials believe an organized cybercrime group ran the operation. These groups often operate across states or even outside India. They use fake identities and mule bank accounts to hide their trail.
Authorities warned the public about similar scams that start with random WhatsApp messages and end in financial ruin.
Why This Scam Worked So Well
Several factors explain why this fraud succeeded:
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Trust through conversation: The scammer did not rush into investment talk. She created a personal connection first.
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Fake visual proof: The trading platform showed convincing profit figures and charts.
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Gradual escalation: The victim started small and increased investments step by step.
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Emotional manipulation: The scammer encouraged confidence and urgency at the same time.
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Digital anonymity: The fraudsters hid behind apps and false identities.
This combination made the victim believe he controlled a real investment account, even though criminals controlled everything behind the scenes.
A Growing Pattern Across India
This case does not stand alone. Similar crypto scams have appeared across multiple Indian states. Many follow the same pattern:
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Contact through WhatsApp or Telegram
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Introduction through a “mistaken message”
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Promotion of a fake crypto or trading platform
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Display of fake profits
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Disappearance after large deposits
Cybercrime officials report a sharp rise in such investment frauds because cryptocurrency remains complex and poorly understood by many investors.
Lessons for Investors
The ₹93 lakh scam teaches crucial lessons:
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Never trust investment advice from strangers on messaging apps.
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Do not invest through platforms that lack regulatory approval.
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Verify exchanges through official government or financial authority listings.
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Treat guaranteed profit claims as warning signs.
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Never send money to multiple unknown bank accounts.
Investors must understand that real crypto trading carries risk and never promises fixed returns.
The Human Cost of Digital Fraud
Beyond financial loss, this case reflects the emotional damage that cybercrime inflicts. The businessman lost not just money but peace of mind, business stability, and trust in digital communication. His experience shows how modern scams target human psychology rather than technical systems.
Fraudsters exploit hope, curiosity, and ambition. They use technology as a weapon, but deception remains their strongest tool.
Conclusion
The Gujarat ₹93 lakh crypto scam reveals how easily criminals can construct a believable digital illusion. A single WhatsApp message led to months of manipulation and financial disaster. This case stands as a warning for anyone tempted by online investment promises.
As cryptocurrency grows in popularity, scams will grow alongside it. Awareness remains the strongest defense. Investors must question every unsolicited opportunity and verify every platform before risking their money.
The story of this businessman should not end as another statistic. It should serve as a lesson for millions who navigate digital finance every day.
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