MP Crypto Scam: Retired CA Loses INR 21 Crore After Woman's Crypto Investment Pitch Lures Him Into USDT Scheme
A 70-year-old retired chartered accountant in Gwalior has allegedly been swindled of over INR 21 crore in a highly sophisticated, multi-layered cryptocurrency investment scam. The Madhya Pradesh State Cyber Cell has initiated a formal investigation into the matter, freezing nearly INR 2 crore in linked bank accounts so far.
A 70-year-old retired chartered accountant in Gwalior has allegedly been swindled of over INR 21 crore in a highly sophisticated, multi-layered cryptocurrency investment scam. The Madhya Pradesh State Cyber Cell has initiated a formal investigation into the matter, freezing nearly INR 2 crore in linked bank accounts so far.
The victim, Ashok Vijayvargiya, a resident of the Roshni Ghar area, was lured into investing in USDT-a US dollar-pegged cryptocurrency-starting in December 2025. According to the police, the scam began when Vijayvargiya connected with a woman identifying herself as Divya Singh from Bengaluru, who persuaded him to try cryptocurrency trading. Crypto Scam in Mumbai: Computer Dealer Cheated of INR 1 Crore After Being Lured To Invest in Crypto Trading via Telegram, Case Registered.
To build trust, the fraudsters initially allowed him to make a small investment of INR 1 lakh, from which he successfully withdrew a return of approximately INR 1.84 lakh. Once his confidence was established, Vijayvargiya was encouraged to deposit larger sums. Over the next several months, he transferred between INR 10 crore and INR 12 crore. While the trading platform displayed massive paper profits reaching up to INR 30 crore, none of these funds were ever credited to his actual bank account.
The scheme escalated when the victim attempted to withdraw his displayed earnings. The fraudsters informed him that a tax payment of INR 11 crore was mandatory to release the funds. Vijayvargiya deposited an additional INR 5.5 crore, while the remaining balance was falsely shown as contributed by the woman who had introduced him to the platform.
In total, Vijayvargiya lost INR 21 crore before realizing he had been scammed. He officially registered a complaint with the State Cyber Zone office in Gwalior on July 10, 2026. A preliminary probe by the State Cyber Cell has revealed an incredibly complex laundering network. Sanjeev Nayan Sharma, Deputy Superintendent of Police (DSP) of the Gwalior State Cyber Cell, explained that the stolen money was funneled through three distinct layers to evade detection. Cryptocurrency Scams: Cybercrimes and Exploits Cause More Than USD 100 Million Crypto Losses in April 2023.
The initial payments were routed through 106 transactions across 77 primary bank accounts. In the second layer, the funds were split and transferred into approximately 700 accounts, before being further distributed among nearly 12,000 accounts in the third layer.
Investigators believe the operation is rooted internationally, with syndicates active in Southeast Asian countries like Myanmar, Cambodia, and Thailand. To obscure their identities, these international networks typically procure the bank accounts of low-income and working-class citizens under false pretenses to use them as mules. Authorities are currently gathering details of the account holders involved in the primary and secondary transaction layers, and police teams are being prepared for dispatch as soon as actionable evidence is secured.
(The above story first appeared on LatestLY on Jul 15, 2026 09:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
