Lucknow Crypto Scam: Elderly Man Invested Since 2019 Via SIP And i-Fortune Machine, Rs 1.15 Crore Lost
A shocking Lucknow crypto scam has revealed how fraudsters cheat elderly people with simple tricks and false promises. Rajendra Singh Chauhan, an elderly man from Alambagh, lost more than Rs. 1.15 crore in a long-running trading fraud and cryptocurrency scam.
The fraud started in 2019 when Chauhan met Himanshu Gihar, also known as Azad. The meeting happened through a Union Bank employee. Gihar claimed that he has strong knowledge in trading and SIP investments. When he showed small profits in the beginning it helped him gain trust.
How the Fraud Built Trust
Over time, Chauhan started investing bigger amounts. Between 2023 and 2025, he transferred Rs. 1.15 crore to different accounts. Around Rs. 93.61 lakh went to a company named Anandi Enterprises. The rest went to accounts linked to the accused and his close contacts.
The accused later introduced cryptocurrency investments. He also spoke about a scheme called ‘i-Fortune Machine’. He promised very high returns. This is a common method used in many SIP fraud and crypto scams.
Fake Promises and Manipulation
The fraudsters stayed in regular contact. They asked for payment screenshots and sometimes handled the victim’s phone during transactions. Emails and messages made the process look real and safe. The accused promised full returns with profit from November 2025.
No money came back. This raised doubts. Chauhan then told his son about the situation. His son checked the documents online. He found that all papers and booklets were fake. This exposed the full elderly fraud.
Rising Cases and Safety Advice
After this, a complaint was filed at the cyber cell in Krishna Nagar. Police started an investigation into the accused and his associates.
This case is not alone. A similar case happened in Hyderabad, where a retired professor lost Rs. 3.2 crore in a fake crypto platform. Together, such scams have caused losses of more than Rs. 4.3 crore in recent times.
Experts say these scams follow a simple pattern. Fraudsters build trust slowly. They show fake profits first. Then they ask for bigger investments. They delay payments and keep giving false promises.
Elderly people often become easy targets. Many trust personal contacts and do not verify details online. Fraudsters use this gap to cheat them.
Officials advise checking all investment offers carefully. Only registered companies should be trusted. It is important to verify details with SEBI or RBI. Family members should stay involved in big financial decisions.
The Lucknow crypto scam highlights a growing danger. Simple awareness and quick checks can help stop such losses. Fraudsters may change methods, but careful steps can reduce risk.
