Why did the Indian accountant lose US$2.2 million in a cryptocurrency scam?

The scammers gained his trust with fake profits before asking him to invest more money. The victim later lost more than ₹21.06 crore, or about US$2.2 million.

What are police investigating in the Indian cryptocurrency scam?

Police are tracing 20 bank accounts, three WhatsApp numbers and the fake trading website. They are trying to identify the people behind the scam and recover stolen funds.

How is cryptocurrency used in this investment scam?

The scammers directed the victim to a fake cryptocurrency trading platform. The website displayed fake profits to convince him to invest more money.

What does this case mean for cryptocurrency investors in India?

The case shows how scammers use fake trading platforms to steal money. Police said investors should check any platform before sending funds.

Why are Indian police warning people about cryptocurrency investment offers?

Police said many scams begin with messages from strangers on social media or messaging apps. They urged people to avoid unsolicited investment offers and report suspected fraud quickly.

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Indian accountant loses US$2.2M in crypto scam

Written by Mahathir BayenaPublished Jul 13, 2026, 6:19 AM

An Indian accountant lost more than US$2.2 million in a cryptocurrency investment scam.
Police are tracing bank accounts, phone numbers and a fake trading website.
Authorities warned people not to trust crypto investment offers from strangers online.

A 70-year-old Indian chartered accountant lost more than ₹21.06 crore, or US$2.2 million, in a fake crypto investment scam.

Scammers contacted Ashok Vijayvargiya on social media and showed fake profits to gain his trust.

Police are tracing 20 bank accounts, three WhatsApp numbers and the fake trading website used in the scam.

The scammers refused his withdrawal requests after convincing him to invest more money.

Police linked the case to similar crypto investment scams reported in other Indian states.

Authorities urged people to ignore investment offers from strangers and report suspected scams immediately.