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Gwalior (Madhya Pradesh): A 70 year old Chartered Accountant (CA) from Gwalior was cyber defrauded of more than Rs 21 crore. According to the police, the fraudsters had lured them to earn huge profits by investing in cryptocurrency.

Lost 21 crores while trying to earn money

The matter is of Roshni Ghar area of ​​Gwalior. The victim Ashok Vijayvargiya, who lives here, was trapped by fraudsters in December 2025. He encouraged to invest in USDT cryptocurrency trading. They also got good returns in the beginning, due to which the fraudsters won their trust.
But when in the first week of July he suspected that he had been cheated, he reached the State Cyber ​​Cell office in Gwalior on July 10 and lodged a complaint.

Made a mistake despite being a senior chartered accountant

Sanjeev Nayan Sharma, Deputy Superintendent of Police (DSP), State Cyber Cell, Gwalior, said, "The victim is a senior chartered accountant from Gwalior, aged around 70 years. In December 2025, he came in contact with a woman who identified herself as Divya Singh from Bengaluru. During the conversation, she convinced him to invest the money in USDT trading. The victim first invested Rs 1 lakh and got around Got a return of Rs 1.84 lakh, which increased his trust in the fraudsters.

Know how the elderly got trapped

• After getting initial returns, he continued investing and gradually invested around Rs 10 to 12 crores. This profit was visible only on the trading platform and never came to his bank account. When his profit started appearing on the platform to be around Rs 30 crore, he tried to withdraw the money. Then the fraudsters demanded him to pay tax and said that he would get the money only after paying the tax.
• DSP Sharma further said, "The fraudsters declared a tax of Rs 11 crore, after which the victim deposited around Rs 5.5 crore. The woman promised to pay the remaining amount on her own behalf. Overall, the victim had invested around Rs 21 crore before realizing the fraud. He invested from December 2025 to the first week of July 2026.
• The officer also said that when the money transactions were investigated, a huge network came to light. The money was first sent to about 77 bank accounts through 106 transactions. In the second layer, the same money was transferred to around 700 accounts and in the third layer it was moved through around 12,000 accounts.

The trap was laid from Myanmar, Cambodia and Thailand

• The DSP said, "So far, we have frozen around Rs 2 crore and are collecting information about account holders linked to the first and second layer. As soon as we get evidence, teams will be sent to nab the accused." He also said that preliminary investigation shows that this cyber fraud network is being run from other countries like Myanmar, Cambodia and Thailand.
• The officer said, “These people often gain the trust of poor and working class people and get their bank accounts and then use those accounts to commit cyber fraud.” He said that further investigation of the matter is going on.