Immigration officer loses Rs 79 lakh in cryptocurrency investment fraud

Mumbai, Feb 19 (PTI) A 41-year-old immigration officer working at Malaysia's consulate general office in Mumbai has lost nearly Rs 79 lakh in a cryptocurrency investment scam, police said on Thursday.

The victim approached the police authorities around one-and-a-half years after the incident, citing severe mental stress and fear of social stigma, officials from the East Region Cyber Police said.

In January 2024, the officer was added to a WhatsApp group named "EG Plan", which regularly shared information about share trading. With basic knowledge of stock trading, he found the group's posts convincing. Acting on the instructions in the group, he registered on a company website and began investing, an official said.

Over the time, he transferred the money into more than 18 different bank accounts via online transactions and RTGS. Initially, he received Rs 1.69 lakh as returns, which increased his confidence in the scheme. Between April 2024 and June 2025, he invested approximately Rs 78.85 lakh in what he believed was cryptocurrency trading, he added.

When he attempted to withdraw his investment and profits, the fraudsters allegedly demanded an additional Rs 18 lakh as "processing fee". But after he refused to pay, all the communication was cut off.

He later informed his bank, which advised him to approach the police.

Based on his complaint, a case was registered against 10 unidentified individuals under charges of criminal conspiracy, cheating and relevant sections of the Information Technology Act.

Police are currently tracing the bank accounts where the funds were transferred and identifying the account holders, the official said, adding that investigation was underway. PTI ZA NP