Medical Representative Loses ₹31.5 Lakh in Crypto Scam
Hardik Umraniya, 35, a medical representative from Rajkot, Gujarat, lost over ₹31.5 lakh (about $38,000) in a crypto scam. It started when he accepted a friend request from a stranger on Facebook. Their chats were normal at first, but the person soon urged him to invest in USDT, promising quick and large returns.
Hardik began by investing ₹10,000 to test the platform. A few days later, ₹12,500 appeared in his account. Feeling confident, he continued investing. Between July 20 and 31, 2025, he sent ₹31.5 lakh in 13 transactions to accounts provided by the scammers.
When Hardik tried to withdraw his money, he was asked to pay a “security verification fee” of ₹15,000. Realizing he had been scammed, he reported the case to the cybercrime police.
Recent High-Profile Crypto Fraud Cases in India
Hardik’s case is one of several recent high-profile crypto frauds in India. In the same week, the Enforcement Directorate (ED) filed charges against businessman Raj Kundra. The ED alleges Kundra owns 285 Bitcoins worth ₹150.47 crore (about $16.9 million). These Bitcoins were linked to the late crypto scammer Amit Bhardwaj. Kundra claimed he was only a middleman, but the ED presented documents showing his direct involvement in receiving the Bitcoins.
Meanwhile, celebrity hairstylist Javed Habib and his son Anas are under police investigation in Sambhal. They are accused of cheating over 150 people through their company, Follicile Global Company (FLC). The duo promised returns of 50–75% on Bitcoin and Binance Coin investments. They used Javed Habib’s public image to gain trust and attract investors.
Concerns Over Crypto Scams in India
These cases highlight a growing problem of crypto scams in India. The largely unregulated market leaves investors vulnerable. Experts advise against trusting unknown platforms or promises of quick, large profits. They recommend verifying any investment before committing funds.
As interest in cryptocurrency grows, authorities urge caution. They warn investors to protect their money from fraudsters exploiting India’s unclear crypto regulations.
