Lucknow. A case of alleged fraud involving ₹10 lakh has come to light in Deoria, where a young man was allegedly lured into investing in cryptocurrency with the promise of earning five times the amount. The complainant has alleged that the accused first gained his confidence by promising substantial returns on cryptocurrency investments and later threatened him with serious consequences when he demanded his money back. Police registered an FIR against the accused following a court order and have begun investigating the allegations.
According to Piyush Kumar Singh, a resident of Sirjam Dei, he met Ayush Singh, a resident of Pipramadan Gopal, in Deoria city on December 1, 2025. During their conversation, Ayush allegedly introduced himself as someone who facilitated cryptocurrency investments. He reportedly told Piyush that money invested through him could increase nearly fivefold over five years. The accused allegedly cited his experience and the profits supposedly earned by other investors to persuade Piyush to invest.
Proposal for Conducting Cyber Crisis Drill, Tabletop Exercise (TTEx) & CCMP Readiness Exercise
The complainant alleged that the accused also showed him photographs of several people to strengthen his confidence. These individuals were allegedly presented as cryptocurrency investors, including doctors and businessmen. Ayush reportedly claimed that these people had invested through him and earned substantial profits. After maintaining contact and building trust, the accused allegedly contacted Piyush again through WhatsApp on April 14, 2026, and persuaded him to invest.
According to Piyush, he trusted the accused’s claims and borrowed ₹5 lakh from his father on two occasions. He subsequently handed over a total of ₹10 lakh to Ayush. The complainant alleged that the accused assured him that his ₹10 lakh investment would grow to approximately ₹50 lakh within five years. During the alleged investment process, Ayush also reportedly obtained copies of Piyush’s Aadhaar card, PAN card and bank passbook.
After some time, Piyush allegedly began having doubts about the investment and the actual use of his money. He started asking the accused to return the amount. According to the complaint, Ayush allegedly refused to repay the money. The complainant further alleged that when he pressed for repayment, the accused began threatening him with serious consequences. Piyush claimed that he was even threatened with death, prompting him to seek police action.
The complainant said he approached the police seeking action, but when an FIR was not registered, he moved the court. Following the court’s direction, police registered a case against the accused. Investigators are now examining the allegations and the transactions involving the ₹10 lakh.
As part of the investigation, police are expected to examine WhatsApp conversations between the accused and the complainant, bank records related to the transfer of funds, documents connected with the alleged investment and other available evidence. Investigators will also determine whether the money received from Piyush was actually invested through any cryptocurrency platform or whether it was retained or diverted for another purpose. The identities of the purported investors, doctors and businessmen whose photographs were allegedly shown to the complainant may also be verified.
Police are also likely to examine whether the accused allegedly used the same method to persuade other people to invest money. If scrutiny of bank accounts reveals transactions involving other individuals under a similar arrangement, the scope of the investigation could widen. The allegations regarding threats to the complainant will also be examined separately.
Cryptocurrency investment scams often rely on promises of unusually high returns to persuade victims to part with large amounts of money. Fraudsters may attempt to establish credibility by showing purported profits of other investors, fabricated documents or photographs of successful investors. Once substantial amounts are deposited, victims may face difficulties withdrawing their money or may be asked to make additional payments.
In this case, investigators are now focusing on where the ₹10 lakh allegedly went and how the money was actually used. The police investigation will also establish whether the investment claims made by the accused were genuine and whether any cryptocurrency transactions took place. All allegations against the accused remain subject to investigation and judicial proceedings.
https://www.linkedin.com/company/policetechnology
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
