Businessman duped of around Rs 20 crore in crypto scam; fraudsters used 76 fake bank accounts

According to the complaint, the victim was lured into the scheme by an organised gang that initially contacted him via social media (Facebook). The fraudsters gradually gained his trust and persuaded him to invest through WhatsApp calls and messages. Posing as customer care representatives of crypto investment firm CoinEx, the accused directed him to invest through a fake website.

The scammers promised high returns and guided the victim to create an e-wallet, after which he was asked to transfer funds into multiple bank accounts. To build confidence, the fake platform displayed inflated balances worth millions of dollars. However, when the victim attempted to withdraw funds, he was repeatedly asked to pay additional charges under the guise of taxes, service fees, and other levies.

Investigations have revealed that the accused operated a widespread financial network using 76 fraudulent bank accounts across 15 banks, including IDFC, ICICI, Bank of Baroda, Axis Bank, and Bandhan Bank. Fake SIM cards and forged documents were used to open and manage these accounts.

Police further said that the accused even issued fake notices in the name of the Reserve Bank of India to extort more money. In some instances, they allegedly attempted to link the transactions to “terror-related” angles to pressure the victim into making additional payments.

The complainant confirmed that he has not recovered any of the lost amount so far. Police officials said a detailed investigation is underway to trace the accused and dismantle the entire network, with arrests expected soon.