Ahmedabad Advocate Loses Rs 57.9 Lakh in Elaborate Crypto Scam After Fake Marriage Proposal
In a distressing case of cyberfraud, a 70-year-old advocate from Shilaj, Ahmedabad, was allegedly cheated of a staggering Rs 57.9 lakh after being lured into a fake cryptocurrency investment scheme by a woman who befriended him on social media and proposed marriage with plans to settle in Milan, Italy.
How the Elaborate Scam Unfolded
According to a detailed complaint filed with the cybercrime police on Tuesday, the victim, who works as a legal consultant from home, first came into contact with the woman in November 2025 through Facebook. The accused introduced herself as a well-traveled finance professional and gradually built a rapport with the elderly advocate through frequent chats and video calls.
During their interactions, the woman proposed marriage and discussed plans to settle together in Milan, Italy, which significantly strengthened the victim's trust and confidence in her intentions. This emotional manipulation set the stage for the subsequent financial fraud.
The Cryptocurrency Investment Trap
Police investigations reveal that the woman later convinced the advocate to invest in cryptocurrency trading through a platform she called "CBOE US," claiming it offered assured and exceptionally high returns. She provided a link to download the application and guided him step-by-step to create an account and begin trading in USDT (Tether).
The scam followed a classic pattern designed to build false confidence:
- Initial Small Investment: The victim first invested Rs 50,000 and promptly received a return of Rs 5,000, which was credited directly to his bank account.
- Additional Withdrawals: He subsequently received additional withdrawals totaling Rs 2.1 lakh, reinforcing his belief that the investment platform was legitimate and profitable.
- Escalated Investments: Encouraged by these returns and repeated assurances from the accused, the victim transferred increasingly larger sums through multiple transactions to different bank accounts provided by the woman and alleged customer care executives.
The Scam Revealed
The fraud was exposed when the victim's account showed substantial paper profits, but when he attempted to withdraw his funds, he was suddenly asked to pay a large "tax" amount. When he refused this demand and requested that any charges be deducted from his existing balance, the accused abruptly stopped all communication.
Realizing he had been systematically cheated, the victim approached the cybercrime helpline and later lodged a formal police complaint. Officials confirmed that only Rs 2.1 lakh had been returned to the victim, while his total investment amounted to approximately Rs 60 lakh, resulting in a net loss of Rs 57.9 lakh.
Police Investigation Underway
A comprehensive probe has been launched to trace the accused individuals and track the complex money trail involved in this sophisticated cyberfraud. The case highlights the growing sophistication of online investment scams that combine emotional manipulation with financial deception.
This incident serves as a stark reminder about the dangers of online investment platforms promoted through social media connections, particularly those that use personal relationships to establish false trust before executing financial fraud.
