Kolkata, India - Authorities have uncovered a cryptocurrency fraud amounting to approximately ₹25 crores, leading to the arrest of Anirban Ghosh and Priyanka Sahu. The duo is accused of operating a fraudulent investment scheme that promised substantial returns through cryptocurrency trading, ultimately defrauding multiple investors.
The complaint was initially lodged at the Shakespeare Sarani Police Station, a division within Central Kolkata responsible for handling financial and corporate fraud cases. The complainant reported being persuaded to invest in what appeared to be a lucrative crypto venture, only to later discover it was a scam. Following this report, the bank fraud division at Lalbazar, the headquarters of the Kolkata Police, initiated an investigation that culminated in the apprehension of both suspects.
Both Anirban Ghosh and Priyanka Sahu were presented before the Bankshall Court in Kolkata on Wednesday. After a thorough review of the presented evidence and consideration of the gravity of the allegations, the court ordered their remand in police custody for a period of 14 days. Police suspect that the arrested individuals may be part of a larger criminal network, and the investigation is actively continuing to uncover further details.
The Growing Landscape of Crypto Scams in India
This recent bust occurs against a backdrop of an increasing number of cryptocurrency scams across India. An Enforcement Directorate (ED) report for 2024–25 highlights that 31 such cases have been recorded this year. While the number of crypto scams is fewer than those related to bank fraud, their prevalence has seen a rapid surge from virtually non-existent levels prior to 2018.
Recent months have witnessed a series of similar incidents throughout the country. From Kolkata to Gujarat, numerous cases have been identified where victims were enticed by promises of high returns on fictitious cryptocurrency investment schemes.
In Gujarat, crypto scams are becoming increasingly prevalent. A businessman from Ahmedabad recently lost over ₹2 crore to a fraudulent company named Doxy, which posed as a cryptocurrency firm. In another incident, an individual from Gandhidham lost ₹56 lakh through a Telegram group that purported to offer significant profits. Separately, a doctor from Rajkot lost more than ₹31 lakh after being convinced on Facebook to invest in USDT.
These cases are frequently linked to social media platforms such as Facebook and Telegram, which have emerged as common venues for cryptocurrency fraud. Scammers utilize fake profiles, deceptive investment groups, and misleading advertisements to ensnare unsuspecting individuals.
Governmental Actions and Regulatory Framework
India currently does not possess a specific law dedicated exclusively to the regulation of cryptocurrencies. However, certain crypto-related services are monitored under the Prevention of Money Laundering Act, 2002 (PMLA). This legislation treats virtual digital asset service providers as "reporting entities."
Earlier this month, the Indian government intensified its actions against offshore cryptocurrency platforms. The Finance Ministry has issued notices to 25 exchanges, including CoinW, BTCC, Changelly, and Paxful, for non-compliance with anti-money laundering regulations. The Financial Intelligence Unit (FIU-IND) has also mandated these platforms to cease public access to their websites and applications within India.
Concurrently, the government launched the National Blockchain Framework (NBF) in September 2024. This initiative, spearheaded by the Ministry of Electronics and Information Technology (MeitY), is primarily focused on leveraging blockchain technology to enhance government and public services, rather than directly regulating crypto trading. As of October 2025, the National Blockchain Platform has facilitated the verification of over 34 crore government documents.
Vigilance and Precautions for Investors
As more Indians explore the cryptocurrency market, many are drawn to the allure of rapid financial gains. Scammers exploit this interest by creating sophisticated fake websites, Telegram groups, and social media pages designed to appear legitimate.
It is crucial to exercise caution to avoid falling victim to these schemes. Always conduct thorough due diligence before making any investment. It is advisable to avoid clicking on unsolicited links and to never share personal or financial information with unknown individuals online.