• Developed counterfeit platforms showing fake profits.
• Tricked investors into adding more funds by displaying false returns.
• Shut down access once significant funds were accumulated, leaving victims helpless.

4. Ahmedabad Businessman Duped in Crypto Investment Scam (2024)

Steps of the Fraud:

1. Initial Contact:
   • An unknown individual contacted the businessman, presenting an opportunity to invest in cryptocurrency through a specific platform.
2. Investment and Fake Profits:
   • The victim was convinced to invest ₹68 lakh, with the platform initially showing fabricated profits to build trust.
3. Account Deactivation:
   • When the victim attempted to withdraw the profits, he found his account deactivated and the funds inaccessible.
4. Legal Action:
   • The victim filed a complaint with the local police, leading to an investigation into the fraudulent scheme.