Retired Bank Manager Loses ₹2.52 Crore in Cryptocurrency Investment Scam

A retired bank manager from Nawabganj has been duped of over ₹2.52 crore in a sophisticated cryptocurrency investment scam, which investigators believe is part of a well-organized cyber fraud network operating across multiple states.

The victim, Anil Kumar Singh Chauhan, was contacted through social media by a woman who identified herself as Ira Reddy in 2025. Investigators say the woman built trust with the victim through regular conversations and emotional manipulation before persuading him to invest in cryptocurrency through a platform that promised exceptionally high returns.

The fraudsters allegedly created an impression of successful investments to gain Chauhan's confidence, eventually encouraging him to commit larger sums of money. To arrange funds for the investments, Chauhan secured a loan of nearly ₹1.98 crore under the pretext of purchasing a flat and transferred a total of ₹2.52 crore to accounts controlled by members of the fraud network.

As part of the crackdown, police arrested Vipin Kumar, a resident of Chandpur Khanpur village in Bijnor district, who allegedly received and routed funds through various accounts to conceal the money trail. Investigators say efforts are continuing to identify and arrest other members of the network who remain at large.