By Anjali Kochhar
A 41 year old immigration officer posted at the Malaysian Consulate General in Mumbai has allegedly lost nearly ₹79 lakh in a sophisticated cryptocurrency investment scam, police officials said on Friday. The complaint has been registered by the East Region Cyber Police in Mumbai.
According to investigators, the officer was first approached in January 2024 through the social media platform Instagram. Shortly after, he was added to a group on WhatsApp named “EG Plan,” where members regularly shared stock market tips and cryptocurrency investment advice. The discussions in the group appeared credible and professional, which gradually built the victim’s trust.
Police said the officer was guided to register on what appeared to be a legitimate online trading platform. Initially, he invested a small amount and soon received returns of about ₹1.69 lakh. Encouraged by the apparent profit, he continued investing larger sums over the next several months.
Between April 2024 and June 2025, the officer transferred approximately ₹78.85 lakh through multiple online transactions and RTGS payments into more than 18 different bank accounts provided by the fraudsters. He believed the funds were being invested in cryptocurrency markets and was shown fabricated profits on the trading platform dashboard.
The fraud came to light when the officer attempted to withdraw his invested capital along with the displayed returns. At that stage, the accused allegedly demanded an additional ₹18 lakh as a processing fee to release the funds. When he refused to pay the extra amount, communication from the group abruptly stopped and access to the trading platform was blocked.
Officials said the victim delayed filing a complaint for several months due to mental stress and fear of social embarrassment. It was only after consulting his bank and realizing he had been cheated that he approached the cyber police earlier this year.
A case has been registered against 10 unidentified individuals under relevant sections of cheating, criminal conspiracy, and the Information Technology Act. Investigators are now tracing the bank accounts used in the transactions and attempting to identify those involved in operating the fraudulent scheme.
Cybercrime officials have urged citizens to exercise caution while investing through social media groups and to verify the authenticity of trading platforms before transferring money.
