A cryptocurrency fraud worth approximately ₹25 crores was uncovered in Kolkata, India. This resulted in the arrest of two accused, namely Anirban Ghosh and Priyanka Sahu.
According to a Times of India report, the duo was allegedly running a fake investment scheme that promised high returns through cryptocurrency trading and cheated multiple investors.
The complaint was filed at Shakespeare Sarani Police Station, one of the police stations in Central Kolkata that handles financial and corporate fraud cases. The complainant said he was persuaded to invest in what appeared to be a profitable crypto venture, only to realize later that it was a scam. Following this, the bank fraud division at Lalbazar, the headquarters of the Kolkata Police, launched an investigation and arrested both individuals.
Both suspects were produced before the Bankshall Court in Kolkata on Wednesday. After reviewing the evidence and considering the seriousness of the allegations, the court remanded them in police custody for 14 days. The police suspect that the two could be part of a larger network, and the investigation is ongoing.
Rising crypto scams
This investigation comes amid a trend of rising crypto scams across India. The Enforcement Directorate’s (ED) 2024–25 report notes that 31 such cases were recorded this year. Though fewer than bank frauds, crypto scams have grown rapidly from almost none before 2018.
Recent months have seen a string of such incidents across the country. Starting from Kolkata to Gujarat, several cases were detected in which victims were lured with high returns on fictitious crypto investment schemes.
In Gujarat, such crypto scams are becoming more common. Recently, a businessman from Ahmedabad lost over ₹2 crore to a fake company called Doxy that pretended to be a crypto firm, while another victim from Gandhidham lost ₹56 lakh through a Telegram group promising big profits. In a separate case, a doctor from Rajkot lost over ₹31 lakh after being persuaded on Facebook to invest in USDT.
All these cases are related to social media platforms like Facebook and Telegram, which have become hotspots for crypto fraud. Scammers use fake profiles, investment groups, and misleading ads to trap people.
Government steps up action
India does not yet have a law that exclusively regulates cryptocurrencies. Instead, certain crypto-related services are monitored under the Prevention of Money Laundering Act, 2002 (PMLA), by treating virtual digital asset service providers as “reporting entities.”
Earlier this month, the Indian government tightened its action against offshore crypto platforms. The Finance Ministry has sent notices to 25 exchanges, including CoinW, BTCC, Changelly, and Paxful, for not following anti-money laundering rules. The Financial Intelligence Unit (FIU-IND) has also directed these platforms to remove their websites and apps from public access in India.
At the same time, the government has launched the National Blockchain Framework (NBF) in September 2024. Led by the Ministry of Electronics and Information Technology (MeitY), it focuses on using blockchain to improve government and public services, not on regulating crypto trading. As of October 2025, over 34 crore government documents have been verified using the National Blockchain Platform.
What people should watch out for
As Indians begin to dabble into cryptocurrency, many are enticed by promises of quick rewards. Scammers take advantage of this by creating realistic-looking bogus websites, Telegram groups, and social media pages.
It’s easy to fall into a scam, so exercise caution. Always check before investing, avoid clicking on random links, and never reveal personal or financial information to strangers online.
Also Read: India’s Amravati Adopts Blockchain for Smart Governance
