Man promised 60% returns on crypto investments ends up losing Rs 92.48 lakh

A 34-year-old man from Gujarat's Vadodara was allegedly duped of Rs 92.48 lakh in a cryptocurrency investment fraud after befriending a woman on Facebook who promised profits of up to 60 per cent through crypto trading.The man, Jasmin, who lives in the Atladara area of Vadodara and works in the marketing department of a chemical company, received a friend request from a woman named Aditi Mishra in January. After he accepted the request, the two began chatting, eventually moving their conversations to WhatsApp.Mishra allegedly convinced him to invest in cryptocurrency by promising substantial returns. To gain his trust, she shared screenshots showing profits and introduced him to a man identified as her uncle, Nitish Kumar, who was also involved in the investment pitch.HOW THE CRYPTO FRAUD UNFOLDEDThe woman sent Jasmin a link to a cryptocurrency trading website, globixvault.com. He initially invested Rs 10,000, after which the website displayed profits, encouraging him to invest more. The fraudsters allegedly continued to persuade him to deposit money in multiple instalments, promising returns of 50 to 60 per cent. They also transferred 717.29 USDT, worth approximately Rs 71,729, to his Binance wallet, further strengthening his confidence in the investment.Convinced that the trading was generating returns, Jasmin transferred a total of Rs 94,27,614 to various UPI IDs and bank accounts in multiple instalments.MAN RECEIVED ONLY PART OF HIS INVESTMENT BACK Despite transferring more than Rs 94 lakh, Jasmin received back only 717.29 USDT, worth approximately Rs 71,729, in his Binance wallet and Rs 1,07,606 through the MRM portal.With the remaining Rs 92,48,279 not returned, he realised that he had allegedly fallen victim to a cryptocurrency investment scam and approached the cybercrime police.POLICE PROBE FINANCIAL TRANSACTIONSFollowing the complaint, the cybercrime police have launched an investigation into the alleged fraud. The probe includes examining financial transactions, WhatsApp conversations and bank statements to trace the money transferred by the complainant.The case highlights how fraudsters allegedly used a social media friendship, promises of unusually high returns and initial payments to gain the victim's confidence before persuading him to transfer a substantially larger amount.- Ends