A major crypto investment scam has surfaced in Yamunanagar, Haryana, where 45 investors were tricked out of nearly ₹6.82 crore by a fake company operating under the name “BFX Pro.” The accused reportedly promised monthly returns of 8-10%, and even claimed that the company was government-registered and operated in international markets to gain credibility.
According to a report by The420.in, the filed complaint has identified eight individuals as key accused in the case: Priyashu Dutta, Ramesh Dutta, Sandeep Dutta, Diksha Dutta, Amit Kheda, Hemant Bhatnagar, Harnek Singh, and Vinay Gupta. The investigation is ongoing, but preliminary findings have revealed that a few of the accused are also named in other similar fraud complaints.
How the scheme operated
The victims stated that they were approached with a government-registered, international operations, and stable, high returns pitch. The fraudsters also claimed that their firm was run by experienced professionals to further sell their authenticity.
After onboarding, victims were directed to download a mobile application, Meta BFX Pro, which allegedly displayed fabricated returns to create the illusion of consistent profits. This mechanism was used to build trust and induce investors to commit progressively larger sums.
A significant number of victims reportedly invested their life savings, with some resorting to selling jewellery, taking loans, or liquidating property. Among them, one investor is believed to have committed approximately ₹4.16 crore to the entire stolen amount figure.
Moreover, to enhance credibility, the accused organized trips to destinations such as Bangkok, Dubai, and Jim Corbett. These excursions were framed as rewards, reinforcing the perception of a successful, globally active operation. At one stage, users were also encouraged to “lock” their funds for several months in exchange for higher returns, effectively restricting withdrawals and tightening the scam’s grip.
The fraud came to light when withdrawals were abruptly halted. Users lost access to the application, company offices were found shut, and all communication with the operators ceased.
Authorities subsequently identified an additional group of 44 victims who were defrauded of ₹2.66 crore, bringing the total reported losses to ₹6.82 crore and indicating a broader network potentially operating across multiple regions.
A repeating pattern
Cybersecurity analysts have flagged the case as part of a growing trend in which fraudsters exploit the popularity of cryptocurrency and the lure of high returns. Cybercrime expert and former IPS officer Triveni Singh described this specific incident as “a classic case of advanced social engineering.” He noted that fraudsters deploy a mix of “greed, trust and urgency” to trap victims, adding that promises of fixed monthly returns of 8–10% should be treated as a major red flag. He further urged investors to thoroughly verify any platform before committing funds.
The case has also underscored red flags that are now well-documented across India’s crypto fraud landscape: promises of unrealistically high returns, unverified mobile apps as the sole investment interface, aggressive recruitment through social interactions, and lock-in periods that restrict withdrawals. Authorities have advised investors to independently verify company credentials through official channels, and remain cautious of schemes promising guaranteed or unusually high returns.
The Yamunanagar case is part of a broader surge in crypto-linked investment fraud across India. Earlier this month, Ahmedabad’s Crime Branch arrested the mastermind behind a separate ₹100 crore crypto scam that had been running since 2021, where over 100 investors were promised four times their investment through fake trading and mining schemes before the accused vanished with the funds.
In a separate high-profile case, West Bengal’s Cyber Crime Wing arrested industrialist Pawan Ruia in connection with a ₹315 crore interstate fraud that used 148 shell companies and crypto laundering to move stolen funds abroad. Investigators linked 1,379 complaints on the National Cyber Crime Reporting Portal to Ruia and his associates, with forensic analysis indicating that nearly ₹170 crore had been converted into cryptocurrency through international exchanges.
Also read: Crypto vs RBI: CoinDCX CEO Proposes Fixes to India’s Fraud Rules
