A 41-year-old immigration officer working at the Malaysian Consulate in Bandra West has allegedly been cheated of ₹78.85 lakh in a cryptocurrency investment scam that began on Instagram, shifted to a WhatsApp group and ended with funds being siphoned off through multiple bank accounts.
The Kanjurmarg-based victim was added to a WhatsApp group named ‘EG Plan’ in January 2024 after being contacted on Instagram. The group, which had around 50 members, was operated by individuals identifying themselves as Mayati Gupta and Arjun Singh. They regularly shared stock market and IPO-related tips and encouraged members to invest in cryptocurrency through a website.
In April 2024, the complainant registered on the platform and initially received a profit of ₹1.69 lakh credited to his bank account. This early payout helped build trust and prompted him to invest larger amounts. Between April and June 2024, he transferred ₹78.85 lakh via online banking and RTGS into 18 different beneficiary accounts provided by the group administrators.
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Police investigation revealed that the accounts were held in the names of various entities, including construction firms, gem traders, catering services and travel agencies. Officials suspect the use of a layered network of mule accounts designed to disperse funds and make tracing difficult.
The fraud came to light when the victim attempted to withdraw the profits displayed on the website on June 20, 2024. He was asked to deposit an additional ₹18 lakh as a “processing fee”, which raised suspicion and led him to realise he had been duped. However, due to mental stress and fear of social embarrassment, he did not immediately report the crime.
Nearly 20 months later, on February 10, 2026, he contacted the national cybercrime helpline (1930) and subsequently lodged a formal complaint with the Cyber Police (eastern region).
Investigators also found that other members in the WhatsApp group posted screenshots of fake profits to create “social proof” and lure investors. The website featured a professional-looking dashboard, and the victim was gradually encouraged to increase his investment amount.
Cyber experts have flagged common warning signs in such scams, including promises of guaranteed returns, demands for additional fees to withdraw funds, lack of SEBI registration and investment advice delivered solely through WhatsApp or social media.
Police have urged citizens to report online financial fraud immediately by calling 1930 or filing a complaint at cybercrime.gov.in, as early reporting improves the chances of freezing accounts and recovering funds.
The probe is ongoing, and authorities are tracing the money trail to identify those involved. The case highlights the growing risks of social media-driven investment scams and the need for heightened vigilance before committing funds to unverified platforms.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
