A former public sector employee in India has fallen victim to a sophisticated cryptocurrency fraud scheme, losing approximately Rs. 1.28 crore (around $133,000) to scammers operating through WhatsApp and a fraudulent trading platform.The victim was added to a WhatsApp group called ”531 DBS Stock Profit Growth Wealth Group,” where criminals posing as financial experts gained his trust. The group administrator identified himself as Professor Rajat Verma, while another member claimed to be analyst Meena Bhatt. These individuals convinced group members to download a mobile application through a specific domain, promising exclusive access to block deals and high-value Initial Public Offering (IPO) allotments not available to ordinary investors.The Scam Unfolds Through Trusted TacticsThe fraudsters employed a calculated approach to lure their target. They directed victims to download an application, presenting it as a gateway to premium investment opportunities. The engineer initially deposited Rs. 1 lakh into the platform. To establish credibility, the scammers allowed him to withdraw Rs. 5,000 without issues.This small withdrawal served its purpose. The victim believed the platform was legitimate and began investing larger amounts over the following weeks. Between November and early December, he was persuaded to make substantial deposits for what the scammers claimed were subscriptions to the Capital Small Finance Bank IPO and participation in share buyback programs. The victim transferred approximately Rs. 1.2 crore through multiple bank accounts and Unified Payments Interface (UPI) transactions.Problems emerged when the engineer attempted to withdraw his profits. The scammers demanded a 20% commission payment before processing any withdrawal requests. When he refused to pay this additional fee, the fraudsters froze his account entirely. The victim then realized he had been scammed and filed a complaint with the Cyberabad cybercrime police, who have launched an investigation into the matter.Rising Trend of Crypto-Related Fraud in IndiaIndian authorities report a sharp increase in cryptocurrency-related crimes throughout the country. Law enforcement agencies are working actively to combat these schemes, which have become increasingly sophisticated and widespread.Another recent case involved an artificial intelligence scientist who lost money through a crypto investment scam. The victim met a woman on a matrimony website who introduced him to an investment platform. Over three months, he transferred Tether (USDT) across 14 separate transactions. Investigators discovered that some funds went to an account registered under Shankar Sahu, while over Rs. 13 lakh were channeled through an entity named RR Physiotherapy. The remaining amount was converted into various digital assets and transferred to wallets in the United Kingdom and Malaysia.The Indian police have issued urgent warnings to residents about the proliferation of investment scams. Authorities note that fraudulent schemes have reached unprecedented levels, particularly during the festive season when people are more likely to make financial decisions.A former public sector employee in India has fallen victim to a sophisticated cryptocurrency fraud scheme, losing approximately Rs. 1.28 crore (around $133,000) to scammers operating through WhatsApp and a fraudulent trading platform.The victim was added to a WhatsApp group called ”531 DBS Stock Profit Growth Wealth Group,” where criminals posing as financial experts gained his trust. The group administrator identified himself as Professor Rajat Verma, while another member claimed to be analyst Meena Bhatt. These individuals convinced group members to download a mobile application through a specific domain, promising exclusive access to block deals and high-value Initial Public Offering (IPO) allotments not available to ordinary investors.The Scam Unfolds Through Trusted TacticsThe fraudsters employed a calculated approach to lure their target. They directed victims to download an application, presenting it as a gateway to premium investment opportunities. The engineer initially deposited Rs. 1 lakh into the platform. To establish credibility, the scammers allowed him to withdraw Rs. 5,000 without issues.This small withdrawal served its purpose. The victim believed the platform was legitimate and began investing larger amounts over the following weeks. Between November and early December, he was persuaded to make substantial deposits for what the scammers claimed were subscriptions to the Capital Small Finance Bank IPO and participation in share buyback programs. The victim transferred approximately Rs. 1.2 crore through multiple bank accounts and Unified Payments Interface (UPI) transactions.Problems emerged when the engineer attempted to withdraw his profits. The scammers demanded a 20% commission payment before processing any withdrawal requests. When he refused to pay this additional fee, the fraudsters froze his account entirely. The victim then realized he had been scammed and filed a complaint with the Cyberabad cybercrime police, who have launched an investigation into the matter.Rising Trend of Crypto-Related Fraud in IndiaIndian authorities report a sharp increase in cryptocurrency-related crimes throughout the country. Law enforcement agencies are working actively to combat these schemes, which have become increasingly sophisticated and widespread.Another recent case involved an artificial intelligence scientist who lost money through a crypto investment scam. The victim met a woman on a matrimony website who introduced him to an investment platform. Over three months, he transferred Tether (USDT) across 14 separate transactions. Investigators discovered that some funds went to an account registered under Shankar Sahu, while over Rs. 13 lakh were channeled through an entity named RR Physiotherapy. The remaining amount was converted into various digital assets and transferred to wallets in the United Kingdom and Malaysia.The Indian police have issued urgent warnings to residents about the proliferation of investment scams. Authorities note that fraudulent schemes have reached unprecedented levels, particularly during the festive season when people are more likely to make financial decisions.