Nashik Businessman Duped Out of Lakhs in Fake Crypto Trading Scam

A 32-year-old Nashik businessman has fallen victim to cryptocurrency investment fraud after being duped by scammers who promised high returns and displayed artificial profits.

The scam began on Instagram, where the victim connected with an individual operating under a masked name. The communication quickly shifted to WhatsApp, where the suspect introduced the victim to a website claiming it to be a highly lucrative platform for crypto trading.

Under the guidance of the fraudsters, the victim created a trading profile using an email ID and uploaded personal identification documents to complete a fake verification process. The financial exploitation began in mid-November when the victim was directed to transfer initial sums ranging from Rs 20,000 to Rs 81,810 to specific bank accounts and UPI IDs.

The scammers credited the victim's dashboard with digital USD (USDT), showcasing artificial profits. Enticed by these visible gains, the victim was repeatedly pressured to invest larger amounts to claim higher returns. However, whenever the victim attempted to withdraw the accumulated profits, the suspects demanded additional 'fees' and 'taxes', claiming that 30% of the earnings must be paid upfront to release the funds.