Crypto Scam Alert! Man From Gujarat Loses Rs 31 Lakh After Trusting Fake ‘Expert’ Online
Zee News
What happened
A businessman from Sola, Gujarat, allegedly lost INR 31 lakh in a cryptocurrency scam after being approached on Facebook by a woman claiming to work for CoinEx. She promised a 10% return and sent INR 9,900 as an initial purported profit to gain his confidence. The victim then transferred INR 31 lakh in multiple installments to bank accounts provided by her, but discovered the trading website was a fake version of the CoinEx platform when he attempted to withdraw his purported earnings.
Fraud Taxonomy & Attack Intelligence
Multi-dimensional classification of the scam typology, contact vectors, infrastructure, and targeted profiles.
Financial Intelligence
Structured financial tracking from public reporting. Metrics represent independent stages of the money trail and are not combined.
Aggregate loss claimed by victims
No frozen assets stated
No recovery reported
Trail tracing ongoing
How the Fraud Worked
Factual breakdown of the modus operandi extracted from public reporting.
Understand recurring psychological grooming and exfiltration pipeline patterns across India.
View general attack sequence breakdown
Modus Operandi: Attack Sequence Flowchart
Step-by-step psychological and technical progression observed in this scam pattern.
Invitation to VIP Group
Victim is added to a WhatsApp or Telegram group claiming affiliation with institutional brokers.
Analyst & Threat Signal View(Technical extraction metrics)
Extraction confidence
High
Threat signal score
27 / 100
Named Entities & Impersonation
Organisations, suspects, and official bodies named in reporting. Entities are categorized strictly by their role in the story.
Accused / Fraud Entities (1)
Where this report came from
RISX summarises public reporting into plain language. Always check the original — wording and dates may change after publication.
Last updated from feed: 12 November 2025 at 09:46 am
- Zee News
https://zeenews.india.com/economy/crypto-scam-alert-man-from-gujarat-loses-rs-31-lakh-after-trusting-fake-expert-online-2983360.html
Recognise the Red Flags
If you encounter any of these signals in communications, disengage immediately.
Pushes you to act in a hurry
Real organizations give you time. Threats like 'your account will be closed in 30 minutes' are designed to panic you into mistakes.
Asks for OTP, PIN, CVV, or password
Banks, UPI apps, government offices, and police never ask for these. Anyone asking is trying to steal your money.
Sends you a link or APK to install
Tapping unknown links or installing unverified apps can give scammers full access to your phone and bank accounts.
Comes from an unusual or unofficial number
Check the sender ID carefully. Misspelled brand names, random 10-digit numbers, or international numbers are common scam signs.
Asks for an advance, processing fee, or 'refund tax'
Real refunds, prizes, jobs, or loans never require you to pay first. If you must pay to receive something, it is a scam.
Targeted or Lost Money? Action Plan
Act within the golden hour to freeze transfers. Follow these verified immediate steps and report to official authorities.
National Cyber Crime Helpline (1930)
Call within 1–2 hours to initiate inter-bank freeze protocol under CFCFRMS.
Call 1930 NowImmediate Protection Checklist
Steps to take right away to protect your accounts and freeze unauthorized transactions.
Stop the call or chat right now
Hang up, leave the chat, and do not click any more links. Every extra minute is more risk. Take a breath; you are not alone in this.
Block your card and freeze the account
Call your bank's official helpline (printed on the back of your card or on the bank's website) and ask them to block the card and temporarily freeze online transactions. Do not call numbers a stranger gave you.
Change passwords and revoke device access
Change passwords for net banking, UPI apps, and email. In your UPI app, remove any 'linked devices' you do not recognize. Turn on two-factor authentication where possible.
Report to the National Cyber Crime Helpline within 24 hours
Call 1930 or file a complaint at cybercrime.gov.in. Reporting within the first 24 hours gives the best chance of freezing the money before it moves.
Open cybercrime.gov.inSave evidence before it disappears
Take screenshots of the messages, save call logs, note down the phone numbers, UPI IDs, and any URLs involved. Save SMS-based transaction alerts. You will need these for the complaint.
Tell a trusted person
Scams thrive on shame and isolation. Telling a family member or friend helps you think clearly and avoid follow-up scams that target recent victims.
Official Reporting Channels
Where and how to lodge your formal cyber complaint in India.
National Cyber Crime Helpline
Start hereFirst call for any online financial fraud. Operators help you file a complaint and can request banks to freeze the recipient account.
cybercrime.gov.in
Official portal of the Government of India to report cyber crime, including financial fraud, social media misuse, and crimes against women and children.
Open websiteOnline, anytimeSanchar Saathi - Chakshu
Report suspicious calls and SMS that look like fraud. Run by the Department of Telecommunications.
Open websiteOnline, anytime
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