MUMBAI, INDIA: A 62-year-old retired professor from a reputed Mumbai college has fallen victim to an elaborate cryptocurrency scam orchestrated through a fake online relationship, resulting in a staggering loss of ₹1.93 crore. Authorities have registered an FIR, and an investigation is underway by the Cyber West Division.
A Relationship Gone Rogue
The victim, a respected academic, was reportedly befriended by a woman named “Ayesha” on Facebook. The two engaged in frequent online conversations over several weeks, building what the professor believed to be a genuine emotional connection. Once trust was established, Ayesha introduced the concept of cryptocurrency investments and convinced the victim to open a Binance account using his credentials.
Subsequently, the professor deposited large sums into the account under Ayesha’s instructions. Once the funds were transferred, all communication from her ceased, and the account was emptied.
A Second Wave of Deceit
Following this loss, another individual identifying herself as “Koyal” contacted the victim, offering to help him recover his stolen funds. Under the pretext of legal and technical procedures, Koyal coerced the victim into making additional payments. However, when no progress or returns were made, the professor realised he had been defrauded yet again.
The cumulative financial damage from both scams totalled ₹1.93 crore.
The Cyber West Division has registered an FIR under various sections of the Information Technology Act. Officials highlighted that under Indian federal law, cyber offences involving crypto scams can attract imprisonment of 3 to 10 years and substantial fines.
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India’s Regulatory Vacuum on Cryptocurrency Fraud
While the Indian government has implemented some regulatory steps, such as tax obligations and anti-money laundering protocols, comprehensive legal frameworks specifically addressing cryptocurrency scams are still absent.
A proposed discussion paper on crypto regulation announced in June remains unreleased. India, home to over 100 million crypto users, continues to operate in regulatory ambiguity when it comes to protecting investors from digital asset fraud.