Hardik Umraniya, 35, a medical representative from Rajkot, Gujarat, lost over ₹31.5 lakh (around $38,000) in a crypto scam. It all began when he accepted a friend request from a stranger on Facebook. At first, their chats were normal, but soon the person started pushing him to invest in USDT, promising quick and huge returns.
Hardik began by investing a small ₹10,000 to test things out. Just a few days later, ₹12,500 showed up in his account. Feeling confident, he kept going. Between July 20 and 31, 2025, he sent a total of ₹31.5 lakh across 13 transactions to the accounts the fraudsters gave him.
When he later tried to take out his money, they asked him to pay a “security verification fee” of ₹15,000. That’s when he realized he had been duped and went to the cybercrime police.
The scam unraveled when he tried to withdraw his money. He was asked to pay a “security verification fee” of ₹15,000. That’s when the truth hit—he had been duped. Hardik immediately approached the cybercrime police to lodge a complaint.
High-profile crypto cases on the rise
Hardik’s case is one among several high-profile crypto fraud incidents recently reported in India. In the same week, the Enforcement Directorate (ED) filed a chargesheet against businessman Raj Kundra, alleging he is the true owner of 285 Bitcoins worth ₹150.47 crore (approx. $16.9 million), acquired from the late crypto scam mastermind Amit Bhardwaj. The ED rejected Kundra’s claim that he was just a middleman, pointing to documents that showed he was directly involved in receiving the Bitcoins.
At the same time, celebrity hairstylist Javed Habib and his son Anas are under police investigation in Sambhal. They are accused of cheating more than 150 people through their company, Follicile Global Company (FLC).
The father and son had promised huge returns, about 50–75%, on Bitcoin and Binance Coin investments. They leveraged Javed Habib’s public image to gain people’s trust and make them invest.
Growing concerns in India’s crypto space
These incidents show a growing problem. Crypto scams are spreading rapidly across India. Since the market is still largely unregulated, investors are very vulnerable. Experts keep warning people not to trust unknown platforms or promises of quick, big profits, and to always check an investment before putting money in.
As more people get interested in cryptocurrency, authorities are stressing caution. They say investors need to be careful to protect their money from fraudsters taking advantage of India’s lack of clear crypto rules.
Also Read: Indian Govt Issues Notices to 25 Offshore Crypto Exchanges
