A complex network of cybercriminals allegedly orchestrated the fraud under the guise of investment opportunities and fake crypto platforms, luring unsuspecting victims across several Indian states.
The operation was revealed after multiple FIRs were registered in the past year, leading cybercrime officials to a trail of deceptive social media campaigns, shell websites, and fake call centres that duped hundreds of people with promises of lucrative returns on digital currency investments.
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Sophisticated Tactics and Fake Platforms
The scammers primarily operated by creating fake trading platforms and mobile applications to mimic legitimate cryptocurrency exchanges. Victims, once convinced by fraudulent advertising on platforms like Facebook, Instagram, and Telegram, were directed to these fake platforms.
Officials from the Chandigarh cyber cell explained that once users deposited funds into these apps, the dashboards would show fabricated gains. However, when victims attempted to withdraw their supposed profits or principal amounts, they were either blocked or redirected to non-functional customer care lines.
Some victims were even coerced into paying “processing fees” or “taxes” on fake profits, increasing their total losses.
Investigators noted that the scammers often posed as financial advisors or company executives and used spoofed phone numbers with international codes to create a sense of legitimacy. Many of these operatives are believed to be based in or linked to cybercrime hubs operating from regions in Delhi, Haryana, and Madhya Pradesh.
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Multi-State Operation and Ongoing Probe
The scale and reach of the scam have prompted joint investigations involving cybercrime units from multiple states. Officials stated that over 100 people have filed complaints so far, with losses ranging from a few thousand to several lakhs per individual.
In a statement, Chandigarh Police confirmed they are working closely with technical experts and financial intelligence units to track the cryptocurrency wallet addresses and bank accounts used in the fraud.
Preliminary digital forensics have revealed that many of the crypto wallets were created using stolen identities and routed through decentralized exchanges, making tracking difficult.
Some of the suspects are believed to have links with international scam networks. Law enforcement agencies are also seeking assistance from national cyber coordination bodies and are expected to invoke provisions of the Information Technology Act, IPC sections on cheating, and the Prevention of Money Laundering Act (PMLA).
No arrests have been officially announced, though police stated that several suspects have been identified and raids are underway in Delhi and Gurugram.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.