An elderly chartered accountant from Gwalior, India, has reportedly lost over $2.2 million in a cryptocurrency trading scam. The victim, Ashok Vijayvargiya, 70, was lured by fraudsters who befriended him on social media and directed him to a fake trading platform.
According to Madhya Pradesh’s cyber police, the scam is considered one of the largest online investment frauds in the region. Vijayvargiya, who also serves as the Chief Returning Officer of the Madhya Pradesh Chamber of Commerce, was manipulated into believing he was making significant profits from his investments.
The scammers initiated contact with him through a message that read, “Hello, this is Divya.” Following a cycle of apparent gains, his investment swelled to approximately ₹21.06 crore. However, when he attempted to withdraw funds, the scammers fabricated excuses to delay payouts, revealing the returns were never legitimate.
The police have launched an investigation, focusing on tracing multiple WhatsApp numbers and bank accounts linked to the scam. DSP Sanjeev Nayan Sharma of the State Cyber Cell stated that they are determining the IP addresses associated with the fake trading website and intend to freeze any linked accounts.
This incident is part of a broader trend in India, where financially literate individuals are becoming targets of similar scams, often initiated via social media. Another recent case involved a 29-year-old software engineer from Surat, Gujarat, who was also defrauded through a fake crypto trading site, leading to a loss of ₹72.73 lakh, or about $76,000.
This article is for informational purposes only and should not be considered financial advice.
