A 33-year-old chief financial officer (CFO) of a multinational company based in Ahmedabad has lost nearly ₹79 lakh in a sophisticated cryptocurrency investment fraud after connecting with a woman on a matrimonial platform.
The victim, a resident of Naranpura, registered an FIR with the city’s cybercrime police after discovering the trading platform was fabricated and all withdrawal requests were blocked.
This latest case highlights a sharp rise in “pig butchering” (romance-crypto) scams across India—a trend where scammers cultivate long-term emotional trust before introducing high-yield investment traps.
How the Scam Unfolded
The complainant registered on a matrimonial app in March 2025. On May 8, he came across a profile under the name “Harshitha.” After sending a request, the two moved conversations to WhatsApp. She shared her biodata and maintained regular contact, gradually building trust over several weeks.
When the discussion turned to the victim’s career plans, Harshitha began promoting cryptocurrency trading. She claimed she had made substantial profits and even purchased property in Berlin, Germany, sharing videos of the property to appear credible. She then recommended an investment website.
The CFO registered on the platform, completed verification, and started transferring money to bank accounts provided by the site’s “customer care.” After every transfer, he uploaded receipts, and the amounts appeared as cryptocurrency units in his online account. The portal displayed growing profits, encouraging further deposits.
Over several months, the victim transferred a total of ₹78.9 lakh in multiple transactions. When he attempted to withdraw the funds, the operators demanded additional charges and fees. Despite making those payments, no money was released. He then approached the National Cyber Crime Reporting Portal before formally lodging an FIR with Ahmedabad cybercrime police.
Part of a Rising Trend Across India
This incident closely mirrors the pattern The Crypto Times reported on June 10, 2026, in our exclusive investigation. In that report, a victim (name changed to Raj) shared WhatsApp screenshots showing how a Shaadi.com match rapidly shifted from marriage discussions to pressure for Bitcoin investments. Similar cases have been documented in Bengaluru, Hyderabad, Madhya Pradesh, and Chennai, with individual losses ranging from ₹11 lakh to over ₹21 crores.
These operations are typically run by organized international syndicates. Fraudsters create polished fake profiles (often using stolen or AI-generated photos), spend weeks building emotional rapport through culturally relevant conversations about family and future plans, then introduce “lucrative” crypto or forex trading opportunities. Victims are directed to professional-looking fake platforms that show fabricated profits before blocking withdrawals with excuses about taxes, fees, or minimum balances.
Red Flags Users Must Watch For
Legitimate prospective partners on matrimonial platforms will never pressure you into financial schemes, crypto platforms, or sudden investment transfers.
- Abrupt Topic Shifts: Conversations move rapidly from marriage and family to exclusive crypto, forex, or gold trading setups.
- Commitment Tests: Pressure to deposit money as proof of trust or to “plan a future together.”
- Refusal to Meet: Persistent excuses to avoid face-to-face meetings or live video calls.
- Guaranteed Yields: Promises of risk-free, exceptionally high daily or monthly returns.
- Private Deposit Accounts: Instructions to transfer funds to personal bank accounts or unverified third-party portals rather than regulated exchanges.
Law Enforcement & Recovery Challenges
While major Indian matrimonial platforms have upgraded ID verification systems and safety warnings, scammers continually adapt by moving chats to end-to-end encrypted apps like WhatsApp or Telegram.
Although law enforcement registers cases under the Information Technology Act and the Bharatiya Nyaya Sanhita (BNS), recovering stolen assets remains notoriously difficult because funds are swiftly converted into decentralized cryptocurrencies and routed through international wallets. Victims are urged to report incidents immediately to local cyber stations and through cybercrime.gov.in.
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