Kanpur — The promise of quick profits and the allure of cryptocurrency investments have left a retired banker devastated. Cybercriminals duped him of ₹2.52 crore, turning his life’s savings into a story of deception, fear, and blackmail. What began as a seemingly ordinary investment pitch soon spiraled into one of the most elaborate frauds uncovered in the region.
Forty-Five Days to Ruin
The victim, Arun Kumar, a retired bank employee, was persuaded to install a mobile application that promised extraordinary returns within 45 days. At first, small deposits appeared to yield modest profits, building trust. But as the scheme escalated, Kumar was pressured to invest more — eventually exhausting his provident fund, gratuity, selling household belongings, and even taking loans against his flat.
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A Darker Twist: Blackmail
Investigators say the fraud did not end with financial loss. Once Kumar filled out a form on a loan app, his phone was hacked. Cybercriminals allegedly created obscene images using his data and then blackmailed him, pushing him to transfer even more money under fear and duress.
Expert Warning
Professor Triveni Singh, former IPS officer and cybercrime expert, described the case as a dangerous new hybrid of financial fraud and psychological exploitation. “This is not just about siphoning off money,” he said. “Criminals first build trust, then dismantle the victim’s financial security, and finally trap them in fear and shame through digital blackmail. These networks are expanding rapidly, often with international links.”
A Pattern of Rising Crimes
According to police reports, Kumar was coerced into making over four dozen transactions through the app, totaling ₹2.52 crore. Officials acknowledge this case is not an isolated one. In recent months, there has been a surge in fraud schemes tied to cryptocurrency investments, many involving similar tactics of trust-building followed by intimidation.
An Ongoing Battle
The cyber police have registered a case and are tracking digital payment trails. But experts caution that identifying cross-border networks behind such operations is exceptionally difficult.
For Kumar, the damage has already been done. What was promised as a pathway to financial growth has instead become a stark reminder of how the digital world’s newest frontiers can leave ordinary citizens vulnerable and exposed.