Ahmedabad advocate duped of ₹58 lakh in cryptocurrency scam

A 70-year-old advocate in Ahmedabad has alleged that he was defrauded of ₹57.9 lakh by cyber fraudsters who befriended him on social media and lured him into investing in cryptocurrency through a fake trading platform.

According to the Cyber Cell of the Crime Branch, Girdharilal Jugalkishore Sharma of Shilaj was targeted between November and February 19.

Police said Sharma came into contact with an individual using the Facebook profile name 'Lakshmidevi Reddy', who initiated a conversation after interacting with one of his posts. The two subsequently began communicating over WhatsApp and video calls, during which the accused allegedly built trust by sharing details of a purported affluent lifestyle and investment experience.

“The accused gradually persuaded the complainant to invest in cryptocurrency, promising high and assured returns through specialised trading strategies,” a cyber cell official said.

In January, Sharma was sent a link to a website claiming to be associated with a US-based trading platform and was instructed to download an application named 'CBOE US'. After registering on the platform and completing formalities, he was contacted by a so-called customer care executive via an international WhatsApp number.

As per the complaint, Sharma initially invested ₹50,000 in USDT (a cryptocurrency), which was reflected in his application account. To gain his confidence, the accused arranged small withdrawals totalling ₹2.1 lakh in instalments, which were credited to his bank accounts.

Encouraged by the apparent returns, Sharma went on to invest larger sums over multiple transactions between January 8 and 29. Police said a total of ₹60 lakh was transferred to bank accounts across different banks, as instructed by the accused.

Investigators said the application displayed inflated profits, with Sharma’s portfolio allegedly showing over 1.9 lakh USDT. However, when he attempted to withdraw funds, he was asked to pay additional charges in the name of taxes. Despite repeated requests, neither the invested amount nor the purported profits were returned.

Realising he had been cheated, Sharma contacted the National Cybercrime Helpline (1930) and later lodged a formal complaint with the Cyber Crime Police Station.

Police said the fraudsters used a “layered approach” involving fake identities, fabricated trading platforms and multiple bank accounts to execute the scam. “A case of cheating and criminal breach of trust has been registered against unknown persons, including the operators of the social media profile, WhatsApp numbers and bank accounts involved,” an official said.

Officials added that digital evidence, including chat records, transaction details and platform data, are being analysed to trace the accused.