Key Highlights
- Delhi Police arrested seven accused within 48 hours after a student was robbed at gunpoint over a fake, cheap crypto deal.
- Odisha’s Rourkela police uncovered a ₹3.49 crore crypto investment fraud linked to 96 complaints across multiple states.
- A Hyderabad businessman lost ₹2.65 crore in a celebrity impersonation crypto scam, highlighting rising social media risks.
Crypto-linked offences in India are no longer confined to online cheating alone. From armed robberies triggered by fake crypto offers on social media to high-value cyber frauds involving crores of rupees, recent incidents from Delhi and Odisha show how digital assets are being misused to target victims in very different ways.
Delhi student robbed at gunpoint over “cheap crypto” offer
A robbery case locally reported has brought focus to the real dangers tied to informal crypto transactions. On February 22, a B.Tech student from NSIT Dwarka was robbed at gunpoint after acting on an online offer that claimed to sell cryptocurrency at prices below the market rate.
According to DCP Outer Delhi Sachin Sharma, the student had recently received a scholarship amount of ₹2 lakh and was looking to invest it in USDT. He came across an Instagram advertisement offering cheap cryptocurrency and contacted the seller.
After a WhatsApp conversation, the student was asked to meet near the Paschim Vihar East Metro station to complete the deal.
When the student arrived with two friends, one of the accused forcibly entered his car and pointed a pistol at him. Five or six accomplices surrounded the vehicle from outside. The robbers fled after stealing ₹1.83 lakh in cash.
The case was cracked within 48 hours by Delhi Police, who tracked the accused using CCTV footage and technical surveillance. Two men, Amit alias Racer and Preetpal, were first arrested in Narela.
Based on their inputs, police arrested Abhay and three brothers, Nishant, Shivam, and Harsh, from Rohini. The alleged mastermind, Amit Jain, was later caught in Sadar Bazaar.
Police said Jain, 31, had previously worked in rice exports in Dubai and suffered losses of around ₹62 lakh. To recover the money, he allegedly created fake Instagram pages and recruited young men to carry out robberies by offering them cash incentives.
During the operation, police recovered ₹1.45 lakh of the looted money, along with a pistol, three live cartridges, a car, a bike, a scooter, 11 mobile phones, and a laptop. Investigators also discovered that the same gang was linked to similar robberies in areas such as Netaji Subhash Place, Budh Vihar, and Shahbad Dairy.
Police said further inquiries are underway to identify additional victims and check if the network operated beyond these locations.
₹3.49 crore crypto fraud case in Odisha’s Rourkela
In a separate incident, police in Odisha’s Rourkela arrested a 43-year-old man for cheating several people of over ₹3.49 crore through cryptocurrency investment schemes.
The accused, Manoranjan Mishra, hails from Kendrapara district and presently resides in Chhend Colony. Police action followed a complaint forwarded by the Crime Branch after suspicious banking activity was flagged. Investigators said that between June 2024 and March 2025, nearly ₹3.49 crore from suspected sources was credited into Mishra’s Bank of India account.
During the interrogation, Mishra allegedly confessed that he had opened a current account under the name “Lingaraj Construction” and used it to route illegally obtained money. Investigators stated that the account was used to collect, move, and distribute funds generated through cyber fraud activities.
Police verification on the NCRP portal showed that 96 complaints from different states were linked to Mishra’s account. Authorities said he lured victims by promising high returns on crypto investments and shared links that redirected funds into his account.
A mobile phone with two SIM cards, an Aadhaar card, debit and credit cards, and transaction details were seized. The probe is ongoing.
Another reminder: Celebrity impersonation scam in Hyderabad
In another sign of how crypto frauds are taking new forms, the Hyderabad Cyber Crime Police is investigating a ₹2.65 crore scam involving a 69-year-old businessman from Somajiguda.
The victim told police he was contacted on Facebook by a person impersonating a well-known Indian actress and was persuaded to invest in what was presented as a crypto and stock trading platform.
The scammers stayed in touch, sent screenshots showing fake profits, and even allowed a small withdrawal to gain his confidence. Believing the setup was genuine, the businessman transferred more money in multiple instalments. When he later tried to withdraw a larger amount, he was asked to pay an additional fee.
Soon after, the website vanished, and all communication stopped. Police are now tracking bank transactions and digital evidence to identify those involved.
A pattern that is becoming hard to ignore
Taken together, these incidents point to a clear shift in how crypto-related crimes are unfolding in India. What often begins with a simple message or post on social media can quickly escalate into a violent robbery or a large-scale financial fraud.
While the amounts involved vary, the tactics remain largely the same, relying on misplaced trust, a sense of urgency, and limited awareness of how crypto markets work.
As more people step into the crypto space, police and cybercrime units continue to warn against deals originating on social media, promises of assured returns, and transactions carried out beyond recognized platforms. These cases underline a growing reality: wider crypto adoption also brings higher risk, making caution and basic verification crucial for investors.
Also Read: India’s CBI Targets ₹1.86 Cr ‘Digital Arrest’ & ₹350 Cr Crypto Ponzi Schemes
