Indian air force veteran loses $25,000 to crypto in online scam

An indian Air Force veteran lost more than $25,000 after falling victim to a fake cryptocurrency investment scheme

ContentsFraud began through messaging platformsUnauthorized withdrawals drained accountsPolice warn of growing crypto scamsPolice said the fraud involved unauthorized wallet and UPI transactions over several days in January 2026.

The victim, a retired officer, reported losses totaling Rs. 22.75 lakh

Authorities said the case highlights rising online investment scams targeting unsuspecting users across India.

Fraud began through messaging platforms

The Indian air force veteran told police he was contacted by an unknown number on WhatsApp

The scammer started with casual conversations to build trust over time.

After gaining confidence, the fraudster introduced him to another contact on Telegram

The second individual identified himself as Harwinder Sandhu and promoted a crypto investment plan.

The plan promised large profits and a bonus of up to 50% on invested funds

The victim was shown screenshots claiming consistent returns from earlier participants.

Police said such visuals are often used to create credibility

The veteran agreed to register on the platform after repeated assurances of safety and returns.

Unauthorized withdrawals drained accounts

After registration, the victim was asked to invest several amounts to activate the account

Soon after, his crypto wallet appeared frozen while the app displayed inflated bonus earnings.

Investigators said unauthorized debits occurred between January 11 and January 17

Records showed Rs. 7.5 lakh withdrawn on January 13, and further withdrawals of Rs. 5 lakh and Rs. 2.74 lakh on January 17.

Smaller transactions were also detected, including Rs. 95,200, Rs. 50,000, and Rs. 65,000. Funds were taken from both savings and UPI-linked accounts.

The scammers later demanded an additional Rs. 7.74 lakh as a release charge

This demand raised suspicion and led the victim to contact authorities.

Police warn of growing crypto scams

The Indian police said such scams often rely on emotional manipulation

Fraudsters may pose as friends or romantic interests to speed up trust.

Officials urged residents to remain cautious when strangers propose investment opportunities online

They advised verifying platforms independently before transferring any funds.

Police cited a similar case involving a 66-year-old businessman from Pune

He reportedly lost Rs. 21.6 lakh after being lured into fake crypto trading by an online contact.

Authorities continue to encourage reporting of suspicious activity

They also recommend consulting licensed financial advisors before committing to digital asset schemes.

This case underscores the financial and emotional toll of crypto fraud

Law enforcement agencies say vigilance remains the strongest defense against online investment scams.