How 2,000 Investors Were Duped in a ₹5.4 Crore Crypto Scam in India
Over 2,000 investors were duped in a cryptocurrency fraud in Nagpur, India, resulting in losses estimated at ₹5.4 Crore. The case highlights the growing risk of cryptocurrency scams targeting unsuspecting investors, promising unrealistic returns.
The Modus Operandi: Luxury and False Promises
According to PTI, an official said the main accused, Nishid Wasnik, used to flaunt his luxurious lifestyle to gain the trust of potential investors. This tactic, common in Ponzi schemes, created a facade of legitimacy and financial success, encouraging others to invest. Indian authorities have arrested three individuals in connection with a large-scale cryptocurrency fraud that duped over 2,000 investors with false promises of high returns.
The Arrests and Ongoing Investigation
The number of arrests in this ₹40 crore cryptocurrency fraud in Nagpur, in which over 2,000 investors were duped, reached 11 on Sunday, a day after the main accused was apprehended. Authorities are continuing to investigate the full extent of the scam and identify all those involved.
Cryptocurrency Frauds in India: A Growing Concern
This case is not an isolated incident. Cryptocurrency fraud is a growing problem in India, with several high-profile scams coming to light in recent years. Here are some of the top cryptocurrency frauds that happened in India:
- ₹ Crore GainBitcoin Ponzi Scheme Scam: In 2025, Amit Bhardwaj, a businessman, cheated [investors]. (Note: Year is likely incorrect and further details would improve this point.)
Protecting Yourself from Crypto Scams
The Nagpur case serves as a stark reminder of the importance of due diligence and caution when investing in cryptocurrencies. Always be skeptical of promises of guaranteed high returns and thoroughly research any investment opportunity before committing your money. Be wary of individuals flaunting luxurious lifestyles as proof of investment success. Remember, if it sounds too good to be true, it probably is.