Indian Doctor Loses $1.5M in Cryptocurrency Investment Scam; Police Launch Investigation

According to Times of India, on May 19, a prominent private physician in Guntur, India, lost approximately 1.3 billion rupees ($1.5 million) in a cryptocurrency investment fraud scheme. Police have launched an investigation into the case and are tracking fund flows and the criminal network involved.

Scammers lured the doctor with promises of high returns on cryptocurrency investments and displayed fake profit data to build trust. After the doctor made repeated deposits and convinced family members to invest, he attempted to withdraw funds but the platform repeatedly delayed or refused withdrawals despite showing substantial profits on the account dashboard.