Two businessmen from Bihar’s Muzaffarpur district have allegedly been cheated of ₹85 lakh after being lured into a fraudulent digital gold investment scheme operated through social media, triggering a cybercrime investigation that is now tracking online trading platforms and banking channels used in the transactions.
The case has been registered at the cyber police station following complaints by Nilay Bharti, a trader from Bhagwanpur Maheshwar Market, and his associate Shyam Babu Singh of Patahi. The accused has been identified as Samanta Kashyap, a resident of Indore, who allegedly used social media to befriend the victims and persuade them to invest large sums with the promise of high returns in gold and silver.
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According to the complaint, Bharti alone transferred ₹82.59 lakh over multiple transactions, while Singh invested a little over ₹2 lakh. The payments were allegedly routed through online platforms presented as digital gold exchanges, after which all communication with the woman abruptly stopped.
Social media contact led to investment pitch
Investigators say both traders came in contact with the accused through social media platforms, where initial conversations gradually turned personal. Over time, Kashyap allegedly claimed she was professionally involved in gold and silver trading and had access to digital investment avenues that delivered “exceptional profits”.
She is accused of assuring the men that prices of precious metals were rising sharply and that investing through her channels would result in a “rain of money”. Trust built over repeated conversations reportedly convinced the businessmen to invest substantial amounts without independently verifying the platforms or the scheme.
Police records indicate that the victims were first directed to invest through an entity described as Kanakdham Exchange, followed by another platform named Sabren Gold Exchange. Screenshots, transaction records and chat histories have been submitted as part of the complaint.
Contact snapped, doubts raised
The fraud came to light when the victims stopped receiving updates about their investments and were unable to withdraw funds or access any account details. Repeated attempts to contact Kashyap allegedly failed, after which the businessmen realised they may have been cheated.
The victims then approached the national cybercrime helpline number 1930 to report the matter. Based on the preliminary assessment, a formal first information report was subsequently registered at the Muzaffarpur cyber police station.
Officials said the investigation is focusing on tracing the flow of funds, verifying the authenticity of the digital gold platforms cited by the accused, and examining whether bank accounts used in the transactions were mule accounts or linked to a larger fraud network.
Rising gold prices, rising cyber traps
The case highlights how the surge in gold and silver prices has become fertile ground for cyber fraudsters targeting investors seeking higher returns outside traditional markets. Police officials said fraudsters increasingly use social media profiles, emotional persuasion and the promise of quick profits to gain victims’ trust before executing large-scale financial fraud.
Experts caution that legitimate digital gold investments are offered only through regulated platforms and established financial institutions, and do not require intermediaries making unsolicited offers on social media.
Police caution investors
While no arrests have been made so far, police said efforts are underway to locate the accused and secure cooperation from banks and online platforms involved. Investigators are also examining whether similar complaints linked to the same name or platforms have been reported elsewhere.
Cybercrime officials have urged investors to exercise caution while responding to online investment offers, particularly those promising unusually high returns. They have reiterated that investment decisions should be made only after verifying platforms through official sources and avoiding transactions initiated through personal social media contacts.
The case serves as another reminder of how digital fraud schemes continue to evolve, blending personal trust-building with financial deception — often leaving victims with significant losses and little immediate recourse.
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.
