A disturbing case of online financial fraud has emerged from Kairana in Shamli district, Uttar Pradesh, where a young man was allegedly cheated of ₹14.20 lakh in a cryptocurrency investment scheme. The victim has also claimed that he received death threats after asking for his money back, raising fresh concerns over the growing risk of crypto-related scams.
According to the police complaint, the victim was approached by a local individual who claimed to represent a reputed cryptocurrency company. The accused allegedly assured him that his investment would double within 18 months. To make the offer more convincing, promises of foreign trips, including travel to Dubai, were also made.
The victim reportedly transferred ₹14.20 lakh in multiple installments between 2022 and 2023. In the beginning, the accused maintained trust by sharing updates and giving repeated assurances. However, no returns were delivered over time, and even the invested amount was not returned. When the victim demanded his money, the accused allegedly avoided him and later issued threats.
The victim stated that he has submitted digital proof, including videos and transaction records, to the police. Based on this evidence, authorities have started a detailed investigation. Meanwhile, another individual has come forward, claiming he was also cheated of around ₹5.20 lakh by the same group.
Initial findings suggest that the fraud may be part of a small organised network operating in a planned manner. There are suspicions that more people could be involved, targeting victims under the pretext of attractive investment opportunities. Victims have also alleged ongoing threats when attempting to recover their money, leading to mental stress.
Experts say such crypto scams often rely on psychological tactics. Fraudsters build trust first, then lure victims with promises of high returns and luxury benefits like foreign trips. By using social media links, local contacts and false claims, they create a convincing setup that is difficult to identify.
Police are now examining transaction records, banking details and call data to trace the network and identify those involved. Authorities are also checking if similar fraud cases have been carried out in other cities using the same method.
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