A 45-year-old land broker from Ahmedabad allegedly lost ₹90.2 lakh in an online cryptocurrency investment scam after a woman he befriended on Facebook and her accomplice persuaded him to invest through a purported trading platform called Trust Coin.
The cybercrime police registered a complaint after the victim alleged that the fraudsters used social media contact, promises of large returns, a fake trading website and forged documents to convince him to keep transferring money.
According to the complaint, the victim first received a Facebook friend request in January from a woman identifying herself as Madhuri Mehta. After establishing contact, she shared her WhatsApp number and claimed that she was earning substantial profits through Trust Coin.
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Facebook Contact Led Victim to Fake Trading Platform
The woman later introduced the complainant to a person identified as Charlie, who allegedly shared a trading website link and guided him through the investment process.
The victim created an account using his mobile number, Aadhaar details and email address. He initially invested about ₹1 lakh.
The platform subsequently displayed profits approaching ₹1 crore after he participated in five-day trading contracts, strengthening his belief that the investments were genuine.
The complainant continued to follow instructions given by the people operating the platform as the displayed value of his account increased.
The alleged fraud became apparent when he attempted to withdraw his money and was asked to make further payments instead.
Fraudsters Demanded More Money for Withdrawals
When the victim tried to withdraw the amount, the accused allegedly demanded ₹21 lakh, claiming that his original investment was insufficient.
He later transferred another ₹28 lakh after being told that his account had entered a high-risk category.
The accused subsequently demanded 35,000 USDT to change his wallet address. They allegedly claimed that the Income Tax Department and the Securities and Exchange Board of India suspected him of money laundering.
The victim then approached SEBI’s Ahmedabad office, where he learnt that the documents provided to him were fake.
According to the complaint, the victim made transfers through bank transactions and cash deposit machines, using accounts belonging to his wife and two friends.
He initially lost ₹70.6 lakh but was later persuaded to transfer another ₹19.7 lakh for purported wallet recovery.
After receiving the additional amount, the accused allegedly stopped responding. Other individuals then demanded another ₹15 lakh from him.
Total Loss Reaches ₹90.2 Lakh
The complainant alleged that the total amount lost in the scheme reached ₹90.2 lakh.
The case reflects a common pattern in online investment frauds in which victims are first shown apparent profits on fake platforms and are later asked to pay additional charges, taxes, security deposits or account-unlocking fees when they try to withdraw money.
In this case, the victim’s confidence was allegedly built through a Facebook friendship, WhatsApp communication, a fake crypto trading platform and forged regulatory documents.
The use of what appeared to be SEBI-related documents also gave the platform a degree of legitimacy until the victim personally approached the regulator’s Ahmedabad office and discovered that the documents were not genuine.
The victim approached the cybercrime helpline on April 24 and again on October 24 before filing the complaint.
Police are now investigating the alleged financial trail, the accounts used to receive the money and the identities of those operating the Trust Coin platform.
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.