A senior chartered accountant from Gwalior, Ashok Vijayvargiya, 70, has reportedly fallen victim to a sophisticated cryptocurrency investment fraud, losing an alleged ₹21.06 crore. The elaborate scheme began with a seemingly innocuous WhatsApp message and lured Vijayvargiya into a fake USDT (Tether) trading platform.
How the Crypto Fraud Unfolded
The alleged fraud, which spanned from December 2025 to July 2026, started when Vijayvargiya received a WhatsApp message from an unknown number introducing themselves as "Divya." He was convinced to invest in a cryptocurrency trading platform that, over time, displayed his supposed investments growing to more than ₹33 crore.
Initially, small transfers were made to build trust. On December 25, 2025, Vijayvargiya allegedly transferred ₹10,000 four times via UPI. A few days later, another ₹1 lakh was transferred through a friend's UPI account. The fraudsters further cemented trust by crediting ₹1.88 lakh to his HDFC Bank account as a supposed initial return on January 7.
Fake Profits and Withdrawal Demands
As Vijayvargiya continued to invest, transferring significant sums including ₹15 lakh via RTGS from his Union Bank account by December 31, 2025, and subsequently crores of rupees to various bank accounts, the fake trading portal showed his balance soaring to approximately ₹33.25 crore. However, every attempt to withdraw these substantial "profits" was met with new demands.
The fraudsters allegedly demanded ₹10.84 crore as "income tax" before any withdrawal could be processed. Later, an additional ₹1 crore was sought as a "risk margin," citing the large withdrawal amount as the reason. These tactics are common in such scams, designed to extract more money from victims under false pretenses.
Police Investigation and Fund Recovery
The Gwalior State Cyber Cell has initiated an investigation into what Deputy Superintendent of Police (DSP) Sanjeev Nayan Sharma described as one of the country's major cryptocurrency fraud networks. The FIR has been registered against unidentified accused under Sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita and Section 66D of the Information Technology Act.
Authorities have successfully frozen approximately ₹2 crore across various bank accounts linked to the fraud. The technical team is actively scrutinizing 77 first-layer bank accounts and tracking IP addresses associated with the fraudulent URLs and WhatsApp numbers used by the scammers. The prompt reporting of the incident through the National Cyber Crime Reporting Portal and the 1930 helpline aided investigators in freezing some funds before they could be moved out of the banking system.