Cheated of Rs 3.8 crore in crypto investment fraud
Telegraph | 25 December 2025
Eleven people have been arrested for allegedly running an investment racket and duping a Salt Lake businessman out of ₹3.8 crore.
The businessman was trapped into the racket through social media, police said.
A woman allegedly sent the complainant a friend request, developed a “virtual friendship” and gradually convinced him to start investing in cryptocurrency.
“The person who was chatting through the profile of a woman had convinced the businessman that there were lucrative returns on this investment, prompting him to invest around ₹4 crore,” said an officer of Bidhannagar police.
Initially, some money was credited in his account and, to win his confidence, the fraudsters created fake websites that showed that his investment of ₹3.8 crore had already yielded ₹180 crore in just two months.
The fraud came to light when he tried to withdraw the money but found that he had no access to his own money. The fraud was reported in September this year.
Earlier in December, the police arrested a man from Hooghly. On Wednesday, the cops arrested another 11 suspects, including two from Jammu and Kashmir.
Three of them are residents of Calcutta, two from Purulia, two from North 24-Parganas, one from Birbhum and one from East Midnapore.
Multiple mobile phones, SIM cards and digital devices have been seized for forensic examination, the police said.