Cryptocurrency Fraud Case in Kolkata
Authorities in Kolkata, India, uncovered a cryptocurrency fraud worth approximately ₹25 crores. Two people, Anirban Ghosh and Priyanka Sahu, were arrested in connection with the case.
According to a Times of India report, the suspects ran a fake investment scheme. They promised high returns through cryptocurrency trading to lure investors.
The complaint was filed at Shakespeare Sarani Police Station, which handles financial fraud cases in Central Kolkata. The complainant said he was convinced to invest in the scheme but later found it was a scam. The police’s bank fraud division at Lalbazar began an investigation and arrested the accused.
On Wednesday, both suspects appeared in Bankshall Court, Kolkata. The court reviewed the evidence and ordered 14 days of police custody. Police believe the duo may belong to a larger criminal network. The investigation continues.
Increase in Crypto Scams Across India
This case is part of a growing number of crypto scams in India. The Enforcement Directorate’s 2024–25 report recorded 31 such cases this year. While fewer than bank frauds, crypto scams have risen sharply since 2018.
Recent scams appeared from Kolkata to Gujarat. In Gujarat, multiple victims lost large sums to fake crypto schemes.
- An Ahmedabad businessman lost over ₹2 crore to a fake firm named Doxy.
- A person in Gandhidham lost ₹56 lakh through a Telegram crypto group.
- A doctor in Rajkot lost over ₹31 lakh after Facebook investment offers.
Social media platforms like Facebook and Telegram are prime targets for scammers. They use fake profiles, groups, and misleading ads to trap users.
Government Response and Precautions
India currently has no dedicated cryptocurrency law. Some crypto services fall under the Prevention of Money Laundering Act, 2002 (PMLA). Virtual digital asset service providers must register as “reporting entities.”
In early October 2025, the Finance Ministry sent notices to 25 offshore crypto exchanges. Platforms such as CoinW, BTCC, Changelly, and Paxful were cited for failing anti-money laundering rules. The Financial Intelligence Unit ordered these sites and apps to restrict access in India.
Additionally, the government launched the National Blockchain Framework in September 2024. Run by the Ministry of Electronics and Information Technology, it focuses on blockchain use in public services, not crypto trading. Over 34 crore government documents were verified through this platform as of October 2025.
Investors should be cautious. Scammers use fake websites, Telegram groups, and social media to lure people with high returns. Avoid unknown links, verify information carefully, and never share personal or financial data online.
