Immigration Officer Loses Rs 79 Lakh in Cryptocurrency Investment Scam
Mumbai, February 20, 2026 – A 41-year-old immigration officer employed at the Malaysian Consulate General office in Mumbai has reportedly fallen victim to a cryptocurrency investment fraud, leading to a financial loss of nearly Rs 79 lakh, according to officials from the East Region Cyber Police.
The officer, whose identity has been withheld for privacy reasons, approached police authorities about one-and-a-half years after the incident, citing severe mental stress and apprehension stemming from social stigma related to the scam.
How the Scam Unfolded
In January 2024, the officer was added to a WhatsApp group named “EG Plan,” which frequently shared updates and information about share and stock trading. Having a basic knowledge of stock trading, the victim found the group’s posts credible and was persuaded to act on the investment tips and instructions provided by the group members.
Following the guidance, the officer registered on a company’s website and began investing money. Over a period stretching from April 2024 to June 2025, he transferred approximately Rs 78.85 lakh to more than 18 different bank accounts via online transactions and RTGS payments. The initial small returns of Rs 1.69 lakh further increased his confidence in the legitimacy of the trading activities, leading him to invest further amounts in what he believed was cryptocurrency trading.
Collapse of the Scheme
The situation took a turn when the officer attempted to withdraw his principal investment along with the accumulated profits. The fraudsters demanded an additional Rs 18 lakh as a “processing fee” before releasing the funds. When the officer declined to pay the fee, all communication from the scammers ceased abruptly.
Realizing the gravity of the situation, the officer informed his bank about the suspicious transactions. The bank subsequently advised him to lodge a complaint with the police.
Police Action and Investigation
After receiving the complaint, the East Region Cyber Police registered a case against 10 unidentified individuals. The charges include criminal conspiracy, cheating, and violations under relevant sections of the Information Technology Act.
Authorities are currently tracing the bank accounts that received the fraudulent transfers and working to identify the account holders involved. The investigation is ongoing as police continue to unravel the network behind this elaborate cryptocurrency scam.
Appeal to the Public
Cybercrime officials have urged the public to exercise caution before investing in online trading platforms, especially those promoted through unofficial channels like WhatsApp groups. They emphasize verifying the authenticity of investment schemes and consulting financial experts to avoid falling prey to such fraudulent activities.
This incident serves as a stark reminder of the increasing sophistication of online investment scams, especially in the burgeoning cryptocurrency market. Victims often delay reporting due to embarrassment or fear of social stigma, underscoring the need for widespread awareness and prompt action to safeguard personal finances.
Reported by Press Trust of India