Yamunanagar: A large-scale crypto investment fraud has surfaced in Haryana’s Yamunanagar, where 45 people were allegedly duped of nearly ₹6.82 crore by a company operating under the name “BFX Pro.”
The accused reportedly lured investors with promises of unusually high monthly returns and luxury foreign trips, creating a sophisticated web of deception that eventually collapsed when withdrawals stopped and the company disappeared.
According to complaints filed in the case, the accused include Priyashu Dutta, Ramesh Dutta, Sandeep Dutta, Diksha Dutta, Amit Kheda, Hemant Bhatnagar, Harnek Singh and Vinay Gupta. Investigators have found that similar fraud cases had previously been registered against some of these individuals, suggesting a pattern of repeat offenses. A detailed probe into financial transactions and linked bank accounts is currently underway.
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How the Scheme Worked
Victims stated that they were approached with claims that the company operated in international crypto markets and generated stable, high returns. Investors were promised 8–10% monthly profits—figures that far exceed standard market expectations. The accused also claimed the company was government-registered and run by experienced professionals, lending credibility to their pitch.
Many victims invested substantial amounts, often exhausting their life savings. Some sold jewelry, took bank loans, borrowed from relatives, and even liquidated property to arrange funds. One investor alone reportedly invested around ₹4.16 crore. After onboarding, victims were instructed to download a mobile application called “Meta BFX Pro,” where they were given login IDs to track their investments and profits.
Fake App and Travel Lure
Investigators say the app interface was part of the deception. It displayed manipulated figures showing consistent gains, encouraging users to invest more. To further build trust, the accused organized international and domestic trips. Investors were taken to destinations such as Bangkok in December 2024, Dubai in January 2025, and Jim Corbett thereafter. These trips were used as psychological reinforcement, projecting the image of a successful and globally active company.
Additionally, large promotional meetings were held in cities like Zirakpur, Kasauli, and Chandigarh to attract new investors. These events showcased the company’s alleged achievements and global reach, pushing attendees to commit significant funds. At one stage, investors were persuaded to “lock” their returns for four months to gain higher profits, effectively restricting withdrawals.
Scam Collapsed After Withdrawals Stopped
The fraud came to light when users suddenly lost access to their accounts. Withdrawals stopped, the app became inaccessible, and the company’s offices were found shut. Attempts to contact representatives failed, prompting victims to approach authorities.
Further investigation revealed that another group of 44 individuals was similarly defrauded of approximately ₹2.66 crore, taking the total fraud amount to ₹6.82 crore. Authorities are now examining whether the network has interstate or international links.
Cybersecurity analysts, including experts from Future Crime Research Foundation, have flagged this case as part of a growing trend where fraudsters exploit the popularity of cryptocurrency and the allure of high returns. These scams often combine technology with psychological manipulation to trap victims.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said, “This is a classic case of advanced social engineering. Fraudsters use a mix of greed, trust and urgency to trap victims. Promises like 8–10% monthly returns are a major red flag. Investors must verify every platform thoroughly before committing funds.”
Experts have advised investors to remain cautious of schemes offering unusually high returns, verify the authenticity of companies through official regulatory channels, and avoid investing through unverified apps or platforms. They also stress the importance of dealing only with regulated financial instruments.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
