Crypto Conman Dupes Retired Mumbai Woman on Matrimonial Website, Steals Rs. 24 Lakh: Report

A Mumbai woman recently fell prey to notorious crypto scammers, who managed to dupe her of Rs. 24 lakhs. Recently retired, the 60-year-old woman came in contact with her scammer via a matrimonial site. The con artist lured the woman into investing in cryptocurrencies with promises to fetch her high returns on her investments. The correspondence between the victim and the scammer started around March last year. The woman, whose name remains undisclosed, realised that she was being conned just recently that led her to file a complaint with the cyber cell in Mumbai.

According to a report in The Indian Express, the conman told the victim that he was a US-based engineer and convinced her to invest in a crypto firm. The scammer introduced the Mumbai woman to another person, who would ‘guide' her regarding her investments.

Between April and December 2022, the woman poured in around Rs. 24 lakh in this crypto firm, according to the report. A virtual account was set up for her by the scammer, to facilitate transactions. The account status of her virtual account reportedly reflected a balance of Rs. 52 lakh, ramping up her trust in her acquantainces.

Earlier this year, when the woman wished to withdraw some of her capital, the scammers asked her to deposit an additional amount of Rs. 12 lakh to process the tax and conversion fees for her investments.

Within a few days, the woman noticed that her virtual account was rendered defunct.

When she tried reaching out to the scammers to resolve the issue, they stopped responding to her calls and messages. The victim then lodged a complaint in the cyber cell unit of the Mumbai Police, and an investigation under sections of cheating, forgery, and criminal conspiracy is underway, as per the report.

Gadgets 360 has reached out to officials of the Mumbai Police for comment and will update this story once a response is received.

Time and again, law enforcement agencies from around the world have cautioned people against engaging with strangers over financial matters.

Last December, the Delhi Police filed a complaint against a major crypto scam worth Rs. 500 crore. Cybercriminals disguised as financial advisors lured in innocent victims by promising them "200 percent" returns on their investments. As of June last year, it was estimated that crypto scammers had duped Indians of Rs. 1,000 crore by posing as fake exchanges.