WhatsApp Crypto Scam: Gwalior CA Loses Rs. 21.06 Crore After Fake USDT Investment Platform Shows Rs. 33 Crore Profit
A WhatsApp message that reportedly began with “Hello, this is Divya speaking” has led to one of India’s largest cryptocurrency investment fraud cases, with a 70-year-old chartered accountant (CA) from Gwalior allegedly losing Rs. 21.06 crore.
The victim, Ashok Vijayvargiya, was approached in December 2025 by a person claiming to be an investment adviser. He was encouraged to invest in USDT, a dollar-pegged cryptocurrency, through an online trading platform that later turned out to be fake.
How the Scam Worked
Police said the scam began with small investments to build trust. Vijayvargiya initially transferred Rs. 10,000 multiple times through UPI. Later, around Rs. 1 lakh was transferred through a friend’s UPI account.
The fake platform showed consistent profits, and on January 7, around Rs. 1.88 lakh was credited to his HDFC Bank account as returns. This payout reportedly convinced him that the platform was genuine, after which larger transfers began.
Over the next several months, Vijayvargiya allegedly transferred Rs. 21,05,92,000 to multiple accounts. The fake portal later showed profits of nearly Rs. 33.25 crore, but when he tried to withdraw the amount, the fraudsters demanded additional money as “income tax” and later as a “risk margin.”
Money Routed Through 20,000 Transactions
Investigators found that the funds were spread across a complex banking network. Police identified 77 first-layer accounts, followed by 493 second-layer accounts, nearly 12,700 third-layer accounts, and around 7,500 fourth-layer transactions.
In total, nearly 20,049 transactions are being examined across several states, including Karnataka, Tamil Nadu, Gujarat, Rajasthan, Uttar Pradesh, West Bengal and Madhya Pradesh.
Also Read: ED Exposes Shocking Money Trail in ATC Coin Scam, Attaches Rs. 55.5 Crore Assets
Rs. 2 Crore Frozen So Far
The Cyber department has frozen around Rs. 2 crore, but officials believe most funds were already withdrawn, converted into vouchers, routed through money mule accounts, or converted into crypto.
Police are now analysing WhatsApp numbers, bank accounts, IP addresses and the fake trading portal. An FIR has been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
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