Gwalior accountant alleges Rs 21 crore loss in six-month fake crypto trading fraud

How the contact began

According to the complaint, the case began in December 2025 when Ashok Vijayvargiya was approached on WhatsApp by a woman identifying herself as investment consultant Divya Singh. She allegedly introduced him to crypto trading involving Bitcoin and USDT and sent a link to open an online trading account.

After the account was created, Vijayvargiya allegedly began receiving calls from other people who urged him to raise the size of his investments. The complaint says the group built confidence by claiming they were producing strong returns through cryptocurrency trades.

Investigators said an early payout played a key role in gaining the victim’s trust. Vijayvargiya received Rs 1.88 lakh in his bank account, presented as profit from trading activity, and police later said that payment helped draw him deeper into what they described as a fake trading platform.

Alleged demands after withdrawal attempts

The complaint says the pressure increased when Vijayvargiya tried to withdraw his money. People posing as representatives of the trading platform allegedly told him he first had to pay Rs 10.84 crore in tax before any funds could be released.

After he contacted Divya Singh, she allegedly told him to pay Rs 5.34 crore and said she would arrange the rest. The demands did not end there. Weeks later, another attempt to withdraw funds reportedly triggered a fresh request for 2 lakh USDT, valued at more than Rs 1.92 crore, this time described as risk margin money.

The victim later discussed the situation with friends and clients before concluding that he had likely been cheated, according to the report.

Police case and fund trail

Vijayvargiya then filed a complaint with the Gwalior zonal unit of the Madhya Pradesh State Cyber Police. Authorities registered a case under the Bharatiya Nyaya Sanhita and the Information Technology Act, 2008.

Deputy Superintendent of Police Sanjeev Nayan said investigators found that the money had allegedly been moved through several layers of mule accounts. Police said about 570 such accounts were identified within the first two layers of transactions. Nearly 40% of those accounts were opened at banks in southern India, according to the officer.

Authorities also said they have frozen part of the money trail. With assistance from the Indian Cyber Crime Coordination Centre, or I4C, multiple accounts were placed on hold, and around Rs 2 crore linked to the alleged fraud has been frozen. The investigation is continuing.

Context

The case, as described by police, follows a pattern often seen in online investment fraud complaints: an unsolicited approach, an initial payment meant to establish credibility, and later demands for more money framed as taxes, fees, or trading requirements. In this case, police have not announced any recovery beyond the roughly Rs 2 crore put on hold, and the allegations remain under investigation.