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An Indian businessman has lost Rs. 1.92 crore ($221k) in cryptocurrency after falling for an elaborate scam on Facebook. The 48-year-old businessman from Ahmedabad had a redefining moment in the digital era, learning his lesson the hard way.

According to reports, the elaborate scam began like any other friendly interaction on the messaging app, with the perpetrator sending the Indian businessman a friend request and him approving it. Things soon moved quickly, with both parties sharing contacts before the victim was introduced to the crypto investment platform. According to authorities, it turned out that the investment opportunity turned out to be a scam.

Indian businessman falls for elaborate crypto investment scam

According to the complaint registered with the Cybercrime unit of the Police, the pair first met in August 2024 on Facebook. The Indian businessman received a friend request on Facebook from a beautiful woman. According to the complaint, the woman claimed to be involved in gym equipment businesses, offering services in Dubai and Mumbai.

In their usual modus operandi, the scammer reached out to the man after seeing his profile. “Hey, your profile caught my eye while checking my friends’ suggestions, and thought I would reach out. Can we get to know each other?” the scammer asked.

After he responded to their chats, they began to talk and soon moved things from Facebook to WhatsApp. After a while, she made her move, introducing him to a lucrative cryptocurrency investment opportunity. According to the chats, she mentioned that her uncle was a high-ranking officer at the American firm in charge of the platform and would help the Indian businessman out.

The Indian businessman mentioned that he went online to research the company and discovered it was legitimate. He mentioned that he saw that they promised a high return on investment, leading him to invest $500 in the beginning, and he received a $250 profit on the investment. Encouraged by the return, he began to send more funds to the platform, with his funds on the platform totaling about Rs 6 crore ($692k).

Authorities register a complaint against the scammer

According to the Indian businessman, things started to look like it was a scam when he tried to withdraw from his investment, and he was asked to pay a 20% tax upfront. He mentioned that he was not told about this initially, and he tried to contact the woman without success.

This is typical for crimes like these, where the criminals try to maintain contact to have their victims send as much money as they can, and as soon as they realize that their scam is blown, they cut communications, taking the money and trying to hide before they strike again.

Authorities mentioned that after the woman became unreachable, further research into the investment platform showed that it was an elaborate scam. The man mentioned that he was only able to get only Rs. 92,000 from his entire Rs. 1.92 crore investment, leading him to go to the police to report to the cybercrime unit.

The police have filed a complaint for criminal conspiracy, cheating by impersonation, and criminal breach of trust against the unidentified offender. The scam also shows that people still need education about the crypto sector. The criminals used the ignorance of the businessman about the crypto sector against him, leading him to part with a heavy amount of money.

Authorities have also warned the general public about individuals proposing crypto investment schemes, as they are usually fake. Traders and residents interested in carrying out activities in the crypto market are advised to go to seasoned professionals and trusted platforms to carry out their activities. That way, they run a lesser risk of losing their funds to criminals.

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