Consulate staffer duped of Rs 78.85 lakh in crypto investment scam
After observing the group’s activity for a few days, the complainant expressed interest in investing in cryptocurrency. Following the instructions of the group administrators, he shared his documents and bank details to open a virtual trading account.
Between April and June 2024, the consulate employee transferred money to 18 different bank accounts, totalling Rs 78.85 lakh, on the pretext of cryptocurrency investments. (File Photo)
A 41-year-old employee of a consulate of an Asian country has allegedly lost Rs 78.85 lakh in a cryptocurrency investment scam operated through a WhatsApp group and a bogus trading website.
According to police, the complainant, who lives in Kanjurmarg (East) with his wife and two daughters, works in the immigration department of the consulate with an office in Bandra (West).
In his complaint, he stated that on January 20, 2024, he was added to a WhatsApp group named “EG Plan” through social media. The group had around 50 members and was allegedly administered by two individuals identified as Mayati Gupta and Arjun Singh. The administrators regularly shared stock market tips and advice on investing in IPOs and cryptocurrency. Group members frequently posted screenshots of profits, which built trust among participants.
After observing the group’s activity for a few days, the complainant expressed interest in investing in cryptocurrency. Following the instructions of the group administrators, he shared his documents and bank details to open a virtual trading account.
Police said he began trading in April 2024 and initially invested Rs 50,000. He allegedly received returns of Rs 1,69,082, which were credited to his bank account, reinforcing his confidence in the scheme.
Encouraged by the apparent profits, he began transferring larger amounts—Rs 10 lakh, Rs 12 lakh and more—through RTGS to bank accounts provided by the group administrators. Between April and June 2024, he transferred money to 18 different bank accounts, totalling Rs 78.85 lakh, on the pretext of cryptocurrency investments.
The fraud surfaced when he attempted to withdraw his profits from the trading website. He was allegedly asked to pay an additional Rs 18 lakh as a “processing charge” to release the funds. Realising he may have been cheated, he refrained from making further payments, a police officer said.
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The victim reportedly did not approach the police immediately due to mental stress and fear. He later approached a bank seeking a personal loan of Rs 12 lakh and narrated the incident to a bank official, who advised him to file a complaint with the cyber police.
On February 10, the victim registered an online complaint with the East cyber police station. After preliminary verification, police registered an FIR against 10 unidentified cyber fraudsters and initiated an investigation, officials added.
Manish Kumar Pathak is a dedicated journalist reporting for The Indian Express from Mumbai. His work demonstrates substantial Expertise and Authority across the complex field of crime reporting, with a strong focus on law enforcement actions, fraud, and cyber security challenges facing the metropolitan region.
Expertise & Authority
Affiliation: Reports for the nationally recognized daily, The Indian Express, providing his content with high Trustworthiness.
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Core Authority: His reporting portfolio highlights deep Expertise in crucial beats, including:
Cyber & Financial Crime: Extensive coverage of sophisticated scams, including cases involving high-value cyber fraud, stock market manipulation scams, and fraudsters using government figures to gain trust.
Law Enforcement & Investigation: Reports directly on major police actions, including arrests made by the Economic Offences Wing (EOW) in fraud cases (e.g., MHADA flat scams) and detailed coverage of murder and kidnapping investigations.
Major Incidents & Public Safety: Covers significant incidents like building collapses, road accidents, and public safety issues such as theft at large public events.
Defence & Maritime: Also covers key updates regarding the Indian Navy, including the commissioning of new vessels and strategic defense announcements.
Manish Kumar Pathak's consistent focus on crime, fraud, and the workings of the Mumbai police system establishes him as a trusted and authoritative source for critical news in Western India. ... Read More
