Shamli: A major case of cryptocurrency-related fraud has surfaced in the Kairana area of Shamli district in Uttar Pradesh, where a young man was allegedly cheated of ₹14.20 lakh in the name of crypto investment. The victim has also claimed that he was threatened with death when he demanded his hard-earned money back. The incident has once again raised serious concerns over the rising number of online investment scams linked to crypto schemes.
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Double Returns Promised to Lure Investor
According to the complaint filed with the police, the victim came in contact with a local individual who introduced himself as a representative of a reputed cryptocurrency company. The accused allegedly convinced him that investing in the scheme would double his money within 18 months. To make the offer more attractive, the accused also promised foreign trips, including travel to Dubai, which further influenced the victim to invest.
As per the complaint, the victim transferred a total of ₹14.20 lakh in multiple installments between 2022 and 2023. Initially, the accused maintained trust by providing occasional updates and assurances regarding returns. However, as time passed, no profits were delivered, nor was the principal amount returned. When the victim repeatedly demanded his money back, the accused first avoided the issue and later allegedly began issuing threats.
Digital Evidence Submitted as Second Victim Comes Forward
The victim stated that he possesses digital evidence, including videos and online transaction records, which have been submitted to the police for investigation. Based on these inputs, the case has been taken up for detailed scrutiny. Meanwhile, another victim has come forward alleging that he too was cheated of approximately ₹5.20 lakh by the same network.
Preliminary investigations suggest that this may not be an isolated case but part of a small, organized network operating under a planned structure. It is suspected that more individuals may be involved in the scheme, targeting different people under the guise of investment opportunities. Victims have also alleged that they are being continuously threatened whenever they attempt to recover their money, causing severe mental distress.
Transaction Trail and Wider Network Suspected
Experts note that in crypto and online investment fraud cases, scammers often rely on psychological manipulation. They first build trust, then lure victims with promises of high returns and luxury incentives such as foreign travel. Using social media connections, local references, and fabricated claims, they create a convincing trap that is difficult for ordinary investors to detect.
As part of the ongoing investigation, police are now analysing digital transaction records, banking details, and call data records to trace the full network and identify the individuals involved. Authorities are also trying to determine whether similar frauds have been carried out in other cities using the same pattern.
