A retired chartered accountant in Gwalior has lost a staggering ₹21.06 crore in a sophisticated cryptocurrency scam that began with a single WhatsApp message. The Gwalior State Cyber Cell is now investigating what officials describe as one of the largest crypto frauds ever recorded in the state.
How the Scam Unfolded
The trouble started in December 2025 when a woman calling herself ‘Divya’ contacted the 70-year-old victim on WhatsApp. Posing as an investment adviser, she promised high returns through USDT crypto trading. To build trust, she encouraged small initial investments and delivered the promised returns. Over the following months, the victim poured in more money as the trading app showed his profits climbing—at one point displaying holdings worth over ₹33 crore.
When he attempted to withdraw the funds, the scammers invented new excuses, demanding taxes, risk charges, and additional fees. The money never materialized, and the victim realized he had been cheated.
Money Laundered Through Thousands of Accounts
Police investigations revealed that the stolen ₹21.06 crore passed through a four-layer network of bank accounts. More than 20,000 transactions were used to move the funds across multiple states, likely using money mules to obscure the trail. Investigators have so far frozen about ₹2 crore and are working to trace the remainder, identify the perpetrators, and track the IP addresses linked to the fake app and WhatsApp accounts.
Growing Threat of Crypto Scams
This case highlights how far crypto scams have evolved. Fraudsters now employ realistic-looking apps, early profit payouts, and trusted platforms like WhatsApp to lure victims before vanishing with their savings. Experts urge investors to verify the credentials of any investment adviser and to be wary of schemes promising unusually high returns.