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<p>A 70-year-old chartered accountant from Gwalior, India, is at the center of what police describe as one of Madhya Pradesh’s largest online investment frauds. Ashok Vijayvargiya, who currently serves as the Chief Returning Officer for the Madhya Pradesh Chamber of Commerce, reportedly transferred ₹21.06 crore, equivalent to about $2.2 million, to fraudsters who befriended him through social media and convinced him to invest in a bogus cryptocurrency trading platform.</p>
<h2 id="gwalior-accountant-targeted-in-major-scam">Gwalior accountant targeted in major scam</h2>
<p>The initial approach began with a message from an individual identifying as “Divya,” which set off a carefully orchestrated confidence trick. Over time, Vijayvargiya was shown false profits on his supposed investments, causing him to deposit more funds with the expectation of further gains. These apparent returns displayed on his account turned out to be fabricated, and repeated attempts to withdraw his money were met with excuses and delays.</p>
<p>Realizing he had been defrauded, Vijayvargiya contacted authorities. The Madhya Pradesh State Cyber Cell is now investigating the case. Deputy Superintendent of Police Sanjeev Nayan Sharma, who leads the cyber cell, stated that the investigation involves tracking 20 bank accounts, three WhatsApp numbers, and the domain linked to the fraudulent trading portal. The team is working to identify the perpetrators, freeze the associated accounts, and follow the digital and financial trails.</p>
<blockquote>
 <p>Investigators are actively tracing technical footprints across twenty bank accounts, multiple messaging numbers, and a fake platform. Their goal is to freeze these accounts before the scammers can withdraw or transfer more funds.</p>
</blockquote>
<p>Mini dictionary: Madhya Pradesh State Cyber Cell, a dedicated Indian police unit focused on investigating and preventing cybercrimes within the central state of Madhya Pradesh.</p>
<h2 id="emerging-scam-patterns-in-multiple-states">Emerging scam patterns in multiple states</h2>
<p>Similar schemes have surfaced in other regions of India. In Surat, Gujarat, police arrested Divyesh Patel, a 29-year-old software engineer, after a complaint involving a ₹72.73 lakh ($76,000) loss linked to an online cryptocurrency investment via Telegram. As in the Gwalior case, the victim was lured to a fraudulent trading site, promised high returns, and lost the deposited funds.</p>
<p>Authorities reported that ₹17 lakh ($17,700) from the scam was traced to Patel’s account at IDBI Bank. Investigators claim Patel leased his account to an accomplice in exchange for a 2% commission. The same account has been flagged in eight cyber fraud cases across various Indian states, with total suspect transactions amounting to ₹24.72 crore, or roughly $2.5 million.</p>
<table>
 <thead>
  <tr>
   <th>Location</th>
   <th>Suspect</th>
   <th>Victim Loss</th>
   <th>Bank Account Implicated</th>
   <th>Legal Charges</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>Gwalior, MP</td>
   <td>Unknown</td>
   <td>₹21.06 crore ($2.2 million)</td>
   <td>20 accounts (under investigation)</td>
   <td>Under cybercrime law</td>
  </tr>
  <tr>
   <td>Surat, Gujarat</td>
   <td>Divyesh Patel</td>
   <td>₹72.73 lakh ($76,000)</td>
   <td>IDBI Bank (linked to 8 cases)</td>
   <td>Section 66(D), IT Act 2008; Bharatiya Nyaya Sanhita 2023</td>
  </tr>
 </tbody>
</table>
<p>Patel faces charges under Section 66(D) of the Information Technology (Amendment) Act, 2008, and several sections of the Bharatiya Nyaya Sanhita, 2023, for his alleged role in the fraud.</p>
<h2 id="national-and-international-crypto-fraud-landscape">National and international crypto fraud landscape</h2>
<p>Indian authorities also recently detained Bengaluru-based hacker Srikrishna, known as Sriki, in connection with a <a href="https://en.coin-turk.com/el-salvador-boosts-gold-reserves-in-bold-strategy-shift/" rel="noopener noreferrer nofollow">Bitcoin</a> theft worth approximately ₹11.5 crore ($1.3 million). Internationally, the FBI recorded $11.4 billion in cryptocurrency-related losses in the United States for 2025, marking a 22% rise from the previous year.</p>
<p>The Surat Cyber Crime Cell issued a public advisory urging individuals to rigorously verify any unsolicited investment offers tied to cryptocurrency, stocks, or forex markets. Police recommended leaving and blocking unknown Telegram or WhatsApp groups and remaining cautious about early but modest investment returns, which are frequently used as bait by scammers.</p>
<p>Authorities also encouraged the public to report suspected fraud through the dedicated cybercrime helpline and strongly advised against sending money to people met through social media or matrimonial platforms.</p>
<p>The post <a href="https://en.coin-turk.com/indian-ca-loses-2-2-million-in-fake-crypto-scheme-police-trace-nationwide-scam/" rel="noopener noreferrer nofollow">Indian CA loses $2.2 million in fake crypto scheme, police trace nationwide scam</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Indian CA loses $2.2 million in fake crypto scheme, police trace nationwide scam

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