Mumbai: Retired Professor Loses ₹1.93 Crore in Cryptocurrency Scam Sparked by Facebook Friendship

A retired professor from a well-known Mumbai college has been defrauded of ₹1.93 crore in a cryptocurrency scam that began with a Facebook friendship. The West Region Cyber Police have filed a First Information Report (FIR) against unknown cybercriminals linked to the incident.

The 62-year-old victim, a resident of Khar, became entangled in the scam after accepting a friend request from a woman named Ayesha on Facebook. After moving their conversations to WhatsApp, Ayesha gradually gained his trust. Claiming to be employed at a company called Global Art in Gurugram, she introduced him to cryptocurrency investments, sharing what appeared to be promising investment advice.

Initially, the advice seemed to generate returns, increasing the professor’s trust. Encouraged by the perceived success, he followed Ayesha’s instructions to invest in Bitcoin. She asked for his Aadhaar details and email ID and assisted him in creating a Binance account. Over time, she convinced him to transfer funds to several bank accounts.

However, once the money was deposited, Ayesha suddenly stopped communicating. Growing concerned, the professor was soon contacted by another woman named Koyal, who offered to help him recover his investment. Shortly after, a man identifying himself as Prashant Patil also got in touch, claiming the professor would soon receive ₹7.5 lakh in recovered funds—if he paid a service fee of ₹42,735.

This pattern continued, with the victim being misled into making multiple payments under various pretexts related to cryptocurrency and Bitcoin transactions. In total, he transferred ₹1.93 crore before realising he had fallen victim to a well-orchestrated fraud.

Authorities at the West Region Cyber Police Station have registered a case under key provisions of the Information Technology Act—specifically Sections 66(c) for identity theft and 66(d) for cheating via digital means. The FIR also includes multiple sections of the Bharatiya Nyaya Sanhita (BNS): 318(4), 319(2), 336(2), 336(3), 338, 340(2), and 61(2). An active investigation is underway to identify and apprehend the perpetrators.