Ahmedabad businessman duped of over ₹66 lakh in elaborate crypto trading scam

A 50-year-old businessman in Shahibaug has filed a complaint with the city cyber cell police station, alleging that he was defrauded of over ₹66.66 lakh by an individual who lured him into a fraudulent cryptocurrency trading scheme under the guise of offering high returns via a platform called ‘BITOP INDIA’.

The complainant, Pankaj S Upadhyay, who runs a plastic liner business, stated that between January and March 2025, he was systematically conned by a person posing under a false identity on social media. The accused reportedly used a fake Facebook profile to initiate contact, befriending the victim and gaining his trust through casual interactions, which later shifted to WhatsApp. The accused, identifying herself as Vishika Agarwal, first contacted him through Facebook on April 14, 2024.

According to the FIR, the fraud began when the accused convinced the victim to join a cryptocurrency trading platform ‘bitop.vip2.com’ and assured him of lucrative profits. Initially, the victim was encouraged to make a small investment of ₹1 lakh, and he received partial returns, which built his confidence in the system. Encouraged by what appeared to be genuine returns, the victim went on to invest over ₹66.66 lakh in multiple transactions via various bank accounts linked to the accused.

The complainant claimed that he made transactions through his own ICICI and Kotak Mahindra Bank accounts and even used accounts belonging to his parents and their registered business entity. Detailed transaction records submitted with the complaint reveal that the amounts were transferred into multiple bank accounts, including those of nationalised and private sector banks like Punjab National Bank, IDFC First Bank, Prathama UP Gramin Bank, and Canara Bank, among others.

The fraudulent scheme unravelled when the complainant attempted to withdraw his growing wallet balance, which had allegedly reached over 65,000 USDT (a crypto stablecoin), only to be told by platform “support staff” that he would have to pay an additional 30-35% in the name of tax clearance, anti-money laundering checks, and withdrawal fees. Sensing foul play, he contacted the national cybercrime helpline (1930) and submitted an online complaint

The alleged accused, whose identity on social media remains unverifiable, is suspected to have used multiple fabricated details, including a Hyderabad residential address and a supposed trading background with an entity named ‘Jaypee Exports’. The victim was reportedly manipulated through a coordinated network of fake customer service representatives, all of whom are suspected to be part of a pre-planned criminal conspiracy targeting high-value victims across India.

Authorities are now investigating the case under provisions related to cheating, criminal conspiracy, and cyber fraud. City Cyber Cell police have registered an offence and are tracing the trail of the funds across different bank accounts. Investigators are also coordinating with the concerned banks and seeking assistance from the Intermediary Platforms and Cryptocurrency Analysis Cells to track digital footprints and crypto wallet activities.

So far, no arrests have been made. Cyber cell officials have urged the public to remain vigilant against too-good-to-be-true trading opportunities promoted via social media and to report suspicious activities at the earliest.