Retired Professor Loses ₹1.93 Crore in Cryptocurrency Scam

A 62-year-old retired professor from Mumbai fell victim to a sophisticated cryptocurrency scam, resulting in a loss of ₹1.93 crore. The scam began when the professor was befriended by a woman named Ayesha on social media. Ayesha, posing as a legitimate investor, gained the professor's trust over time and eventually convinced him to invest in a cryptocurrency scheme. The professor, believing in the promise of high returns, transferred the substantial amount to the scammer's account. The fraud was executed through a multi-layered deception, involving fake investment platforms and convincing communication tactics. The professor's loss highlights the growing threat of online scams targeting unsuspecting individuals, particularly those who may be less familiar with digital investment platforms. The incident serves as a stark reminder of the importance of vigilance and due diligence when engaging in online financial activities.

The event underscores a rising trend of romance-based social engineering scams. These scams target retirees or less technically savvy users via platforms such as Facebook, WhatsApp, and Telegram. These scams target individuals through social media platforms, pressuring them to invest in cryptocurrencies under false pretenses. The scam involved an online relationship initiated on Facebook, where the victim was guided into cryptocurrency investments and subsequently defrauded. Ayesha disappeared with the cryptocurrencies worth ₹1.93 crore. Koyal and Prashant Patil, who later contacted the victim, promised recovery of his funds in exchange for additional payments. No formal charges against the exchanges or cryptocurrencies involved have emerged yet.

Financial implications from the scam include the significant loss to the individual. The broader cryptocurrency market remains unaffected at this time, with no reported disruptions to major assets or exchanges. The funds were routed through Bitcoin and Binance, highlighting the vulnerabilities in personal digital interactions and the rising trend of crypto-related scams. The West Region Cyber Police have registered a case under relevant sections of the Information Technology Act and the Bharatiya Nyaya Sanhita. An investigation is underway to trace the accused. Police emphasize the importance of caution with digital and financial information, highlighting the scam's reliance on personal data like Aadhaar credentials to execute the crime.

Regulatory efforts may focus on enhancing user awareness and protection against such schemes. Analysts suggest reviewing information flow and user identification practices on digital platforms, particularly related to cryptocurrencies. The incident serves as a stark reminder of the importance of vigilance and due diligence when engaging in online financial activities. Law enforcement agencies are investigating the case, but the professor's funds remain unrecovered, underscoring the challenges in tracing and retrieving assets lost to such scams. The event highlights the vulnerabilities in personal digital interactions and the rising trend of crypto-related scams. Market reactions remain muted as the loss impacts only the victim.