An elaborate cryptocurrency investment scam has claimed another victim after a man was duped of Rs 92.48 lakh by cyber fraudsters who promised extraordinary, guaranteed profits of up to 60 percent on digital currency trading.

Police officials confirmed that an FIR has been registered with the Cyber Crime Police Station under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act. Law enforcement agencies have launched an active trace on the digital footprint, communications, and bank accounts used to siphon the funds.

The Modus Operandi

According to preliminary investigative findings, the fraud began when the victim was approached via encrypted messaging platforms and social media channels. The perpetrators presented themselves as representatives of an international digital asset management firm, pitching a high-yield algorithmic trading program that allegedly delivered consistent monthly returns exceeding 60 percent.

To build credibility, the fraudsters directed the complainant to a sophisticated fake trading portal designed to mirror genuine cryptocurrency exchanges. After an initial modest deposit showed rapid, artificial capital growth on the victim's dashboard, the scammers persuaded him to escalate his investment.

Over several weeks, the complainant transferred a cumulative total of Rs 92.48 lakh across multiple beneficiary bank accounts provided by the handlers. The transfers were executed in multiple tranches through electronic banking channels.

The Extraction Trap

Trouble began when the victim attempted to withdraw a portion of the accumulated balance and purported profits reflected on the portal.

Instead of honoring the payout request, the syndicate introduced fabricated roadblocks, demanding additional transfers under the guise of:

* Clearance fees and international currency conversion charges * Pre-tax withholding payments required by bogus regulatory bodies * Security deposits to unlock account authentication

When the victim realized that further payments were yielding no withdrawals and communication with his assigned handlers abruptly went silent, he approached the local cyber police authorities to file a formal complaint.

Police Investigation Underway

Cyber investigators have initiated an urgent requisition process with commercial banks to freeze connected accounts and map out the transaction trail. Officials suspect that the funds were quickly dispersed into layered mule bank accounts before being routed through decentralized peer-to-peer cryptocurrency exchanges to evade immediate retrieval.

"Cyber fraud rings frequently exploit public fascination with digital assets and high returns to operate deceptive financial schemes," a senior police official stated. "Citizens must exercise extreme diligence and avoid transferring funds into personal or unverified business accounts promising unrealistically high yields."

Authorities have urged citizens to immediately report suspected financial fraud to the national cybercrime reporting portal (cybercrime.gov.in) or by calling the dedicated 1930 helpline during the initial 'golden hours' following an unauthorized transaction.